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Payment apps in Argentina prohibited from using cryptocurrencies by central bank

Payment apps in Argentina prohibited from using cryptocurrencies by central bank

Argentina’s central bank has banned payment providers from offering crypto transactions in an effort to reduce the country’s payment-system exposure to digital assets. The move brings payment fintechs and financial institutions under the same rules in the country. Cryptocurrencies are not regulated in Argentina, which means all coins and tokens are subject to the decision. Hyperinflation is driving crypto adoption in Argentina, with Bitcoin’s popularity in the country coinciding with the ongoing devaluation of the Argentine peso. Over 30% of consumers in Argentina use stablecoins for everyday purchases, most likely for small retail transactions under $1,000.

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