Tuesday, March 21, 2023

Argentina’s BCRA cannot prohibit or bet on the purchase of cryptocurrencies – travel info

The title of this post is incomplete, it should be something like this: Neither Argentina’s BCRA nor anyone can prohibit or bet on the purchase of cryptocurrencies,

Via Communication “A” 7552, the Central Bank of the Republic of Argentina determined that people who purchase crypto assets by distributing Argentine pesos will not be able to purchase official dollars for 90 days. I read it, I read it and My wallet laughs!

This is how they express it in the standard:

vii) to any human or legal person, resident or non-resident, whether related or not, receiving as former or latter consideration local currency or other local property (in foreign currency deposited with local financial institutions) Money has not been distributed except in money. directly or indirectly, itself or any related, controlled or controlled entity, through external assets, crypto asset or securities deposited abroad.

what BCRA bans es the little part you can learn about and controlNamely, operations carried out through regulated exchanges in Argentina.

let’s remember that Bitcoin We can do things in basically two ways, these are:

  1. directly into the blockchain through one or more wallets, in which no one can censor, condition or prevent us from independently performing the actions we wish, either to deposit bitcoins or to any other address To send bitcoins.
  2. Through platforms such as exchanges, which act as “banks”. They are the ones who actually control your crypto, not you, they have them and what you see on the screen represents what has been registered in your name.

Neither the BCRA, nor the Supreme Court, nor the IMF, nor the Pope, nor Magoya, nor Montoto, in Case 1 They can’t determine anything on anything that happens in bitcoin., Let’s remember that it is a protocol that runs on a huge decentralized network, which can never be hacked and works strictly for what it is supposed to do. Who is the judge who sent the trade in bitcoin? Who are they going to sue? Who are they going to stop?

In case 2 it is different, it is sufficient for the BCRA to issue a communication on what the exchanges regulated under this jurisdiction must/can do.

As far as option 1, the basic option, of a direct transaction between the parties or through a P2P-like platform like Paxful, which provides a layer of security and connects us to the global market, It’s a club that they mess with the dynamic market of regulated exchanges in Argentina, There are a lot of people working and designing solutions in this area and its use has become quite popular, for example prepaid cards that offer cashback in crypto.

Given this advance by BCRA, we didn’t want to fail to remind you of the fundamentals Bitcoinwhat It is precisely designed so that neither governments nor financial institutions can even dream of interfering or conditioning its operations,

If you are still not very familiar with the matter, read this post that we prepared for our readers a while back:

Introduction to Bitcoin and Cryptocurrencies (with links, examples and tips)

Argentina'S Bcra Cannot Prohibit Or Bet On The Purchase Of Cryptocurrencies - Travel Info

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