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A new set of regulations from the Argentine Central Bank now applies to people and businesses who bought cryptocurrencies to hedge against currency devaluation. To stop the exchange rate from rising, the bank will only sell dollars at the official rate to people and businesses that haven't bought cryptocurrency in the 90 days before the operation. The transmission, bearing the reference number 7552, states that the person will have access to the official dollar markets. It is necessary to meet these limitations 90 days in advance before buying dollars on the official market.
Closing The Gap And Regional Responses
Local sources claim that the proposed limitations would aim to close the loophole. Some businesses take advantage of the exchange control channels by buying cheap dollars at the official rate, using those dollars to purchase cryptocurrencies, and then exchanging those cryptocurrencies at a higher cost. To prevent the instances mentioned, the Argentinian Central Bank also implemented a new rule prohibiting purchasers of these dollars from purchasing any cryptocurrency 90 days following the transaction.
Argentina Looking For Switch From Traditional Exchanges
Most of the Argentinians' reactions were negative, and some even questioned the wisdom of such a move. Economist Agustin Monteverde has challenged the reasoning for this action. Argentina is already looking to switch from traditional exchanges, which must disclose cryptocurrency transactions, to peer-to-peer-based discussions, where the transactions can be private between two individuals. Implementation of the move began on July 22.