The Central Bank of Argentina (BCRA) is now restricting the buying and selling of Bitcoin (BTC) and cryptocurrencies on platforms that have registered as “payment processors offering payment accounts”.
As detailed by CriptoNoticias yesterday, The alleged reason for the ban is “risk reduction” for users and for the national payment system. The BCRA does not explain what these risks are.
Through statements and publications on social networks, various industry players in Argentina (entrepreneurs, users, multipliers and non-profit organizations) expressed their views on what happened. Generally, there is a feeling of dissatisfaction and many doubts are also being felt because it is not clear how far the limits of the ban go and which companies are exactly affected.
By the NGO Bitcoin Argentina was criticized That the measure was “surprising and unquestioned”.:
«It is not clear what the aim of the BCRA is to ban an activity that today is completely satisfactory and useful for the clients of the local stock exchanges. This will have the immediate effect of preventing Argentine workers and savers from accessing alternative forms of savings that protect them from inflation and do not cost the BCRA. On the other hand, such measures encourage informality, where the risks and costs for the saver are much greater.
NGO Bitcoin Argentina
Santiago Siri, renowned computer developer and founder of the Democracy Earth Foundation, called “The brutality of a government that is digitally illiterate cannot be tolerated.” Just a week ago, Siri highlighted Argentine talent in the cryptocurrency industry. Now he says: “Argentina has its biggest opportunity in 100 years thanks to its technological capitalism, but these measures are destroying those who are building.” He describes the BCRA ban as a “disgraceful recipe”.
Bitcoiner Adam Dubove, who runs financial education platform Ichimoku Fibonacci, Is convinced that “this has to be one of the most extreme measures taken by the government since the pandemic’s house arrest.” For him, this “violates several constitutionally protected rights”.
Dubove has two theories as to why the BCRA made such an announcement. The first is that “it was a request from the banks”. The second is that “in this way, they have to interfere with the price of the ‘crypto dollar,’ thereby affecting the service of the apps.” Anyway, the bitcoiner says that “ultimately this affects users and access to easily buy bitcoin or cryptocurrencies”. He adds that while it’s not advisable to use these platforms to sell Bitcoin, “they exist because there’s a demand for them.”
Developer Matías Regiardo, who is also a popular tweeter, wrote:
“The BCRA has just thrown Argentina backwards, banned innovation and fatally shot an entire sector that employs developers. You just generated a lot of potential layoffs. The worst government in all Argentine history condemns us to backwardness, to perks, to friends’ capitalism, to the union mafia, to corruption that kills.”
Matías Reggardo, computer developer.
The news crossed the borders of the South American country and also caused reactions internationally. For example, Bitcoiner and Mexican Senator Indiria KempisHe wrote on his social networks: “I don’t want to say ‘I told you so’, but ‘I told you so’. There is no shortage of those stepping foot into freedom, inclusion and decentralization #Bitcoin It represents”.
quiet there are doubts about the scope of the bans. In the next few hours, either new announcements from BCRA or actions by authorities or business people are expected to provide more clarity on the matter.