Argentina’s central bank may let banks offer digital assets

Argentina’s central bank is reportedly considering allowing domestic banks to trade digital assets and offer crypto-related services, in a move that would support and boost already spiking crypto adoption in the country.

According to a report from local outlet La Nacion, the Central Bank of the Argentine Republic (BCRA) is working on changes to its existing rules, which currently prohibit banking institutions from engaging in digital asset-related activities.

Citing “sources close to the organization,” the report claimed that the BCRA is considering allowing traditional banks to trade cryptocurrencies but did not provide further details or specify a timeframe or possible date.

However, a local digital currency exchange reportedly told the outlet that the measure could be approved in April 2026.

Argentina’s rocky relationship with crypto

However, it hasn’t all been smooth sailing for the crypto industry in the country. In February, President Javier Milei, a longtime advocate of the digital asset space, was mired in a scandal after he posted on X endorsing a little-known digital currency called $LIBRA.

Unfortunately for Milei, $LIBRA is a “memecoin,” a digital asset founded on social media hype and community-driven speculation, rather than value or utility. Such coins, in reality, often amount to nothing more than so-called “rug-pull” scams, therefore, endorsing one was a questionable decision at best, and at worst could constitute the president of Argentina engaging in fraud.

Milei deleted his post hours later, saying he was “not aware of the details of the project,” but his contribution was enough to briefly value the token at more than $4 billion, before its price crashed.

The scandal had a severe political backlash, with the federal prosecutor’s office reportedly examining the incident. It also did no favors to the digital asset sector’s reputation in the country and beyond.

Yet, thanks in part to persistent economic woes and a lack of faith in traditional systems, this reputational damage appears to have been short-lived, doing little to dampen Argentine citizens’ enthusiasm for the sector.

Now, with the central bank considering further legitimizing digital asset activity, the industry could be set to go from strength to strength in Argentina.

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