Argentina’s central bank is reportedly considering whether to allow traditional financial institutions to offer crypto services, marking the potential lifting of a ban.
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Argentina is considering allowing local financial institutions to engage more directly with cryptocurrencies in a move that would mark a significant shift from its restrictive stance, according to local media report.
According to a Friday by local news outlet La Nacion, Banco Central de la República Argentina (BCRA), Argentina’s central bank, is considering allowing traditional banks to trade cryptocurrencies. The story cited “sources close to the organization.” Cointelegraph has not independently verified those claims.
The BCRA stepped in to just days after two of the country’s largest banks signaled they were opening up to digital assets in May 2022. The BCRA said that such initiatives posed risks to users and “to the financial system as a whole.”
New cryptocurrency rules are reportedly being drafted, though La Nación’s sources did not specify when they might be finalized or implemented. Representatives of a locally operated exchange suggested that the measure could be approved as early as April 2026.
Rumors about such a potential shift have circulated for some time among crypto exchanges, bankers and people close to regulators, the report said. A representative of local crypto exchange Lemon told the outlet that the company believes “that a more open financial ecosystem will be a key driver for the mass adoption of digital assets in Argentina.”
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The regulatory change suggested in the report aligns with a direction recently taken by Argentina’s government. In mid-March, Argentina’s securities regulator , setting clear guidelines for the industry. Crypto service providers have been since April 2024.
This followed publicly traded US crypto exchange from Argentina’s regulators to expand services in the country in January. In October 2024, Binance also announced that its mobile and web applications were “fully available” to users in Argentina after it was . Similarly, crypto exchange in mid-August 2024.
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Argentina sees booming crypto adoption
The country’s crypto industry has also been growing at a steady pace, in terms of estimated crypto inflows by users in early October 2024. Separate data from July 2024 suggested Argentina was leading the Western Hemisphere in crypto adoption, with analysts often pointing to the peso’s extreme weakness and inflation that had reached around 276% as key drivers.
Until recently, regulators were largely hostile to that trend. In May 2023, the central bank , reinforcing earlier limits on how formal financial institutions could interact with digital assets.
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