Argentina’s central bank has proposed allowing commercial banks to provide Bitcoin and other cryptocurrency trading and custody services to customers. If approved, new regulations could be implemented by April 2026. This move marks a significant step toward lifting the ban imposed last May, when the central bank prohibited banks from engaging in digital asset transactions due to concerns over financial stability and money laundering. Since then, cryptocurrency activity in Argentina has largely occurred through informal channels or foreign exchanges. Under the proposed rules, banks would integrate crypto services into their existing platforms, conducting trades and custody of selected cryptocurrencies like Bitcoin through regulated entities that meet enhanced financial, security, and liquidity standards. Strict measures for customer identification and anti-money laundering compliance would also be mandatory.
Due to long-standing inflation and currency controls, many Argentinians have turned to cryptocurrencies to safeguard their savings. According to global crypto analytics firms, there are approximately 10 million crypto wallets in Argentina, with transaction volumes reaching billions of dollars last fiscal year, predominantly involving stablecoins. The new president, a supporter of Bitcoin, has emphasized promoting financial freedom and expanding access to alternative currencies. Under his leadership, the central bank has indicated a willingness to reconsider previous restrictions, and local banks are preparing to re-enter the crypto market.
This initiative aligns with trends in the US and Europe, where major commercial banks are investing in cryptocurrency services. If enacted, Argentina could become a model for integrating traditional banking with digital assets in countries facing high inflation. Officials have stated their commitment to balancing consumer protection with financial stability.
Source: bitcoinmagazine
