Argentina Bans Payment Apps From Offering Bitcoin to Customers
Argentina’s Central Bank has announced a ban on payment platforms offering digital assets, including Bitcoin, to customers. The move is intended to “mitigate risks,” according to the bank, but it means that companies such as Ualá and Mercado Libre can no longer offer their clients crypto trading services. The decision follows inflation in Argentina passing 100% for the first time in three decades last month. Although cryptocurrencies remain unregulated in the country, they are becoming increasingly popular, with Chainalysis ranking Argentina as the 13th fastest-growing cryptocurrency market in its 2022 Global Crypto Adoption Index.