The government of Argentina excludes crypto investors from buying dollars
The Central bank of Argentina has introduced a new set of restrictions that affect citizens and companies that have purchased cryptocurrency to use it as a hedge against currency devaluation.
The bank will sell dollars only at the official exchange rate to individuals and companies that have not bought cryptocurrency in the last 90 days before the operation, in order to curb the growth of the exchange rate. The message, designated by the number 7552, states that access to the official dollar markets will be open to individuals and companies that:
"Did not deliver funds in local currency or other local assets (with the exception of funds in foreign currency deposited with local financial institutions) to any natural or legal person, resident or non-resident, related or not, receiving directly or indirectly, independently or through a related, controlled or controlling organization, foreign assets, crypto assets or securities papers deposited abroad".
According to local sources, the new set of restrictions will be aimed at closing a loophole that some organizations use, using currency control channels to gain benefits, buying cheap dollars at the official exchange rate, and then using them to buy cryptocurrencies to exchange them at a higher rate. The Central Bank of Argentina has also introduced a new restriction that prohibits buyers of these dollars from purchasing any cryptocurrency within 90 days after the operation in order to avoid the described situations.
The reaction of Argentines was mostly negative, with some questioning the effectiveness of such a measure. Agustin Monteverde, an economist, also criticized the logic of this measure. This measure began to be applied on July 22 last year, and Argentines are already seeking to move from traditional exchanges that must report crypto transactions to peer-to-peer exchanges where transactions can be private between two parties.
https://coin-signal.com/cryptonews/the-government-of-argentina-excludes-crypto-investors-from-buying-dollars/
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