Argentine Central Bank President Says Cryptocurrencies Should Be Closely Monitored

Miguel PESCE, the President of the Central Bank of Argentina, said at a recent meeting hosted by the Argentine Financial Technology Chamber that the Central Bank of Argentina must "closely monitor" cryptocurrencies. Argentina's Central Bank President said cryptocurrency volatility is one of the biggest concerns. In addition, it is necessary to ensure that the cryptocurrency is not used to violate exchange controls.

At a virtual meeting, the President of the Central Bank of Argentina shared his thoughts on financial technology in general and on the growing popularity of cryptocurrencies. He noted that banks must adapt to the changing dynamics driven by fintech companies. It is important to find a middle ground in the regulation of the cryptocurrency market.

The novelty of the asset class made it difficult to establish a clear framework. Many governments and regulators have found themselves in a difficult position. The new asset class is rapidly growing and being adopted by the mainstream, and billions of dollars are poured into the crypto market from well-established professional investors.

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