central bank argentina bitcoin
Argentina’s Central Bank Bans Bitcoin Purchases With Credit Cards
November 4, 2019
central bank argentina bitcoin
Argentina’s Central Bank Bans Bitcoin Purchases With Credit Cards
November 4, 2019

The Central Bank of Argentina recently announced that its citizens are now prohibited from using credit cards to buy Bitcoin (BTC) or other cryptocurrencies.

The announcement was made on Oct 31st after the central bank recently imposed limits on US dollar purchases.

Preserving Foreign Exchange Reserves

The measures were published in a communication covering several industries in which credit card use was limited or prohibited.

The section referring to cryptocurrency reads:

“Acquisition of Bitcoin and cryptocurrencies: It is prohibited to purchase BTC with this payment method. The only remaining alternative for this investment is to do so with funds transferred from a bank account.”

Although it is quite unclear whether the rules apply only to credit cards or if it includes both debit and credit cards.

ALSO READ :  Polkadot To Be Integrated Into Gitcoin Platform

The Central Bank of Argentina (BCA) says that the measures are critical in preserving the country’s foreign exchange reserves.

Experts say that the central bank intends to block the entry of dollars into the country while seeking to have a stronger exchange control. This follows a move by the BCA earlier this week, which limited the amount of U.S. Dollars Argentinian citizens could buy each month. The maximum amount was reduced from $10,000 to just $200.


Source: cointelegraph.com | infobae.com | Image: centralbanking.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Bitso Concludes $250 Million Series C Capital Raise

Bitso Concludes $250 Million Series C Capital Raise

Bitso, the Mexico-based cryptocurrency exchange, has concluded a $250 million Series C capital raise, putting it in the upper echelons of Latin America’s fintech industry.  It has been reported that the latest...

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.