Banco Galicia and Brubank will not allow customers to buy crypto

[MilHojas]

Argentina’s largest two banks to allow crypto trading

Argentina’s two largest private banks will allow customers to begin purchasing Bitcoin through their accounts effective immediately.

cointelegraph.com

 

[Millie]

Well… that didn’t last long.

 

[Millie]

The article can be found on Bloomberg.

 

[Redpossum]

If Argentinos were allowed a reasonable alternative, they'd abandon the ARS in droves, and its value would plummet like a rock.

 

[Millie]

Agreed

 

[MilHojas]

Argentina slams brake on crypto, banning purchases through banks

Central Bank bans financial institutions from offering clients any operations involving unregulated digital assets, effectively banning engagement with cryptocurrencies.

www.batimes.com.ar

 

[Redpossum]

The axiom is that "bad money drives out good", and that's true when law forces the status of the bad money; people hoard the good money and spend the bad.

But in the absence of laws forcing the status of the bad money, then it's the other way around; the good money drives out the bad.

The anger and contempt of the average Argentino is considerable right now, and much of it is directed at monetary policy. If people were given the option of being paid in and using something more stable, they would jump on it like a dog on a bone, and overnight the peso would become worth less than toilet paper.

If you once stop and really think about it, the behavior of all governments, in regard to fiscal policy, is outright extortion.

 

[Quilombo]

What I find hilarious about the BCRA's disastrous attempts to regulate crypto is the fact they're always saying it's about wanting to combat money laundering, and without a doubt that's happening, don't get me wrong, but if they/the government really cared about this, they'd embargo the entire of province of Santa Fe.

Smuggling/trafficking and the money related to servicing those that work in the industry from Rappi, to plastic bags, tape, scales, bullets, hell; to even the soybeans that hide the drugs and the longshoremen that take a cut to look the other way has got to be in the trillions of pesos. So much of this country is in negro for different reasons that letting rich kids day trade on their imported iPhones should be the least of the BCRA's concerns.