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Argentina’s Central Bank Bans Bitcoin Purchases With Credit Cards

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.

BREAKING: Argentina's Central Bank just restricted the purchasing of bitcoin with credit, debit and prepaid cards as of today. This comes less than a week since the same bank restricted dollar purchases by citizens to just 200 USD per month. — Rhythm (@Rhythmtrader) November 1, 2019

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.

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.

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