Argentina Government Stop Traders on Buying US Dollars
Argentina tells Bitcoin traders about restrictions on buying US dollars. It is one of the ways for the country to minimize issues in inflation and capital. The community has been actively discussing the news right after its release.
Bitcoin Traders in Argentina Restricted From Buying Dollars.
It’s an attempt by the central bank to stop the flight of capital and tame inflation..#crypto #btc #eth #xrp
— Kyrill Krystallis (@mrkrystallis) July 22, 2022
Argentina is currently high on the use of cryptocurrency. The citizens have been showing their interest in the use of Bitcoin. Some even said that crypto is preferable to the Argentine peso. It is one of the results of Argentina’s inflation as it has one of the highest in the world. People added that Bitcoin would be useful in a country like Argentina. Banks in Argentina have started to offer services in crypto as well. However, this might not be easy as the central bank has issued new restrictions.
Restrictions From Buying US Dollars
In the latest information, the central bank of Argentina issued restrictions for Bitcoin traders to buy US dollars. They mentioned that citizens who have purchased Bitcoin in the last 90 days would not be able to buy US dollars at the official rate as they used the Argentine peso in the transactions. The purpose is to make money staying in the country. For example, citizens with the Argentine peso can buy US dollars and then invest in Bitcoin. It would make it as if US dollars leave the country, which Argentina tries to avoid.
📣🏦Comunicado "A" 7552 del BCRA
🔴El BCRA prohíbe a las empresas importadoras y personas humanas acceder al dólar oficial si compararon criptomonedas con PESOS en el día que solicitaron el acceso al mercado y en los 90 días previos.
👉🏻La medida regirá desde hoy pic.twitter.com/B8k4vxdDkc
— Finanzas Argy 🇦🇷 (@FinanzasArgy) July 22, 2022
The country is currently trying to strengthen its currency and interest rates. It is one of the aims to reduce the issues with inflation.
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