- Argentina’s Central Bank (BCRA) is evaluating a framework to lift the 2022 prohibition on banks offering crypto assets, replacing “exclusion” with “supervision.”
- The original ban was a concession to the IMF during debt restructuring; its reversal signals a shift toward financial deregulation.
- Major banks like Banco Galicia could immediately deploy Bitcoin and stablecoin services to millions of existing account holders.
Argentina’s central bank is actively evaluating the repeal of its 2022 prohibition on cryptocurrency services within the commercial banking sector, a move that would reopen the institutional gateway for trading and custody of Bitcoin and stablecoins.
From Prohibition to Supervision: A New Regulatory Framework
The discussions display an effort to replace the earlier restriction with a framework that falls under regulatory oversight rather than outright exclusion.
If approved, the change would formally restore a channel that was blocked after policymakers aligned with International Monetary Fund guidance during negotiations linked to Argentina’s financial assistance program.
Related: How El Salvador and Argentina Aim to Lead Latin America’s Crypto Market
The IMF Legacy: Why the Ban Was Imposed
The 2022 measure barred banks from offering clients access to digital assets, with the central bank citing financial-stability concerns, money-laundering risks, and the need to limit unregulated transactions.
The policy was tied to a requirement in Argentina’s debt restructuring plan, which asked authorities to discourage the use of cryptocurrencies. The limitation prompted users to explore informal trading paths, despite widespread interest in digital assets.
Institutional Demand: The Banco Galicia Precedent
Despite the prohibition, some private institutions, including Banco Galicia, introduced crypto functionality for customers, signaling continued demand across the sector.
Market observers now suggest that a regulated structure could allow banks to participate under closer supervision, giving clients access through established financial entities rather than unregulated alternatives.
Industry Reaction: Banks as Mass Adoption Engines
Industry groups argue that the outcome will depend on how the new framework is designed. According to Manuel Ferrari, president of Bitcoin Argentina and co-founder of Money On Chain, the country’s banking system has a long history of rigid oversight, making the final configuration significant. He noted that even a limited opening could be consequential if major banks begin enabling Bitcoin or stablecoin access.
Other specialists highlighted the potential scale. They pointed to the distribution channels held by large banks, noting that institutions with millions of account holders could multiply adoption if all were authorized to offer crypto services. They compared this reach with existing platforms that operate with smaller user bases.
Related: Europe’s 10 Largest Banks Form ‚Qivalis‘ to Break US Dollar’s 99% Grip on Stablecoin Market
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Source: https://coinedition.com/argentina-is-about-to-let-banks-sell-bitcoin-again/
