Mauricio Macri's government introduced a capital check or exchange rate on September 2 and thereafter the Central Bank of the Argentine Republic (BCRA) has continued to add rules. Accordingly, on October 31, communication "A" 6823 was issued, creating an interpretation error that still confuses the population. This is evidenced by several members of the cryptosecosystem of the country consulted by CriptoNoticias.
The Government's measures aim to prevent excessive demand for foreign currency from causing further devaluation of the local currency To turn off the crane for certain specific operations that made it possible to make dollars at the official exchange rate, the new measure came into force this month.
Communication "A" 6823 from BCRA provided that as of November 1
The confusion arose when information circulated indicating that the measure prohibits the purchase of cryptocurrencies through the use of credit or debit cards. A misinterpretation that tends to confuse the population and that exchange houses and other players in the crypto-active trade in Argentina demand clarification.
The truth is that the new rule does not prohibit the purchase of bitcoin or other credit card cryptocurrencies to buy them, it is not necessary to access the foreign exchange market if you go to a house in local exchange or other means of exchange, as long as both parties, the acquirer and the seller, reside in the country.
The measure applies only when access to the exchange market is required for the purchase of cryptocurrencies abroad. If necessary, access was provided the BCRA approved it in advance, as stated in the notice.
What does the exchange house say?
Knowing the exchange house operators' view of cryptocurrencies in Argentina, CriptoNoticias consulted several of its representatives. In this regard, Juan José Méndez, head of Ripio, considers it necessary to make it clear to the Argentines that the Central Bank does not prohibit the purchase of crypto assets with a credit card.
The communication of BCRA can affect the purchase of cryptocurrencies with credit cards. dollar credit, so the measure only affects cryptocurrency platforms operating in foreign currency.
Juan José Méndez, CBO de Ripio.
Meanwhile, Dante Galeazzi, Argentina's operations manager at Athena Bitcoin cryptocurrency The ATM company believes that the measure taken by the central bank, to restrict purchases of cryptocurrencies with credit cards abroad, represents an opportunity for the local industry.
The measure represents an opportunity given that ATMs allow the purchase and sale of bitcoin and other cryptocurrencies with Argentine pesos in cash. Then we understand that demand for our ATMs can increase.
Dante Galeazzi, director of operations in Argentina at Athena Bitcoin.
The CEO of the exchange house ArgenBTC, Julian Arceo, wonders how Can you ban something that has never happened? He then explains that the trading platforms in the country do not offer, nor have they offered the opportunity to acquire cryptocurrency with credit cards even though there was no law setting it up as such, in fact financial institutions that administer the various existing the payment gateways, not allowed or allowed, to charge their customers via credit or debit card for the acquisition of crypto assets.
What do market experts recommend?
Argentina's crypto market agrees that bitcoin benefits citizens especially in countries facing financial difficulties, so they point out that during these times of crisis, it is best to research, learn and discover what opportunities can be exploited by .
In Argentina, the growing demand for bitcoin responds to the need to find one at Ternativa that saves products offered by the traditional financial system. Therefore, the best recommendation is always to learn more about this world before buying bitcoins.
Juan José Méndez, Head of Ripio.
Méndez adds that in Ripio, they trust that the regulation of the local FinTech ecosystem will help foster the development of an industry that builds tools for the future and extends the opportunities for work and inclusion.
For his part, Dante Galeazzi recommends that citizens seek information and understand how cryptocurrencies work. He also believes that the interesting thing about crypto assets at this time, especially in Argentina, is that there is no limit to acquiring them and therefore they seem like an alternative to saving in pesos.
In my opinion, I would rather save in bitcoin than in pesos. , given the great economic uncertainty that exists in the country. In addition, users should understand that it is not necessary to buy a whole BTC, but that they can get smaller amounts.
Dante Galeazzi, Argentina operations manager, Athena Bitcoin.
In this topic, Julián Arceo sends a message to the Argentines, as they believe that at the difficult moment that the country is experiencing, it is best to take refuge in cryptocurrencies, as the restrictions aim to prevent the flight of dollars. In that sense, he says that buying bitcoins in local barter houses does not configure any risk that is contrary to the system.
Bitcoin an alternative to the crisis
It was September 2 when the Argentine government introduced measures to limit Buying Dollars, in the midst of financial and currency instability. Since then, the cryptocurrency industry in that country has been expecting a recovery in crypto-active trading, as it is enough to take a look at what has happened since a few years to determine how bitcoin and other crypto-active markets can react.
The past indicates that countries' financial crises, especially in Latin America, in combination with certain government decisions restricting access to the dollar, are situations that open the door to the adoption of cryptocurrencies .
That was what happened in Argentina in 2011, following the exchange rate implemented at that time by the government of Cristina Kirchner, which generated an increased demand for bitcoin. At that time, many Argentines abandoned the peso and the dollar to seek refuge in crypto assets.
In fact, the current reference figures on LocalBitcoins show that the inhabitants of Argentina are aware that cryptocurrencies represent a valuable refuge from crisis.
According to data from the Coin Dance portal, specifically from October 27 to November 2, record numbers for Bitcoin trading in Argentina with 16,436,088 pesos were recorded in transactions only on the platform P2P LocalBitcoins, was the most active week in history on the Argentine crypto market .
But what happens in Argentina with the exchange rate and its effect on the increase The adoption of bitcoin is something that has happened for a while in Venezuela where there is exchange control since 2003, which has gradually promoted or Venezuelans against cryptocurrencies . This to the point that thousands of residents today are bribing hyperinflation and the economic crisis through crypto assets. A reflection of this boom is the demand from key cryptocurrency platforms such as LocalBitcoins, which places the country among the most active in the world in this market.
What is happening in Argentina and Venezuela was recently commented on by the book's author "Master Bitcoin", Andreas Antonopoulos, who said in an interview that the pioneer cryptocurrency is perfect for Latin American countries plagued by financial crises, such as these two South American countries.
Antonopoulos, in an interview, said that cryptocurrencies are the "perfect solution" for Latin American countries to avoid "incompetent bureaucracy" leading to the devaluation of national currencies. He added that Bitcoin is the best way to achieve liquidity in many parts of the world.