Argentina Rethinks Crypto: Banks Set for Trading and Custody Services
Quick Answers
- The central bank of Argentina is making new rules that will let banks trade and store cryptocurrencies.
- This could end a ban that started in 2022, and it could happen by April 2026.
- Banks would have to follow strict rules about knowing their customers and stopping money laundering.
Prices in Argentina go up and down a lot, and the peso loses value quickly. The country has been fighting sky-high inflation for a long time. People there use digital currencies like Bitcoin or stable coins that are linked to the US dollar to keep their money safe. The BCRA, which is the country’s central bank, is thinking about making a big change: letting regular banks get into crypto.
BCRA stopped banks from dealing with crypto in 2022 because they were worried about shady deals and shaky finances. They might still deal with some stablecoins, though. The International Monetary Fund gave Argentina a big loan to help the country avoid risks. But people still used a lot of crypto. From the middle of 2022 to the middle of 2025, they traded almost $94 billion worth of it, making it the second most popular currency in Latin America after Brazil.
Why the change right now?
President Javier Milei, who wanted to make markets more open when he took office, is now more open to crypto. Last year, his team agreed to pay their contracts in Bitcoin. Inflation is going down, but it’s still hurting over 2% a month now after hitting crazy highs. People can avoid problems with pesos by using crypto. It might be safer if banks got involved because it would stop shady trades that happen behind closed doors.
One trick Argentines use is “rulo,” which means getting better rates when you trade stablecoins for pesos. But it’s risky when there are no rules. Banks would be able to trade well-known currencies like BTC, ETH, USDC, USDT, and XRP under the new plan, but they would all be in separate safe zones with extra cash to protect them.
No more lawlessness; banks would have to follow strict know-your-customer rules and anti-laundering steps set by the CNV agency. This keeps criminals away and makes it easier for the government to keep track of taxes. Even though the ban is in place, some private banks, like Banco Galicia, have already started to get involved, which shows that there is demand.
Experts say this could lead to “mass adoption,” where banks and exchanges compete with each other and lower fees for users. A major crypto exchange said it might get the go-ahead by April 2026, but nothing is certain yet.
Banks aren’t happy everywhere because they’ve lost money on bad loans and strict rules about money. Inflation is still hurting workers and retirees, which is making more people turn to crypto. Some people are worried that old ties to the IMF will get in the way of this freedom, but Milei’s election wins show that people want things to change.
If it works, Argentina could show other places with money problems how to use new technology with old banks to make the future more stable.
