The Argentinian Central Bank has issued a new set of restrictions that are affecting citizens and companies that have purchased cryptocurrency to use it as a hedge against currency devaluation. The bank will only sell dollars at an official rate to individuals and companies that have not purchased crypto for at least 90 days prior to the operation, with the objective of curbing the rise in the exchange rate.
Have not delivered funds in local currency or other local assets (except funds in foreign currency deposited in local financial entities) to any human or legal person, resident or non-resident, related or not, receiving as prior or subsequent consideration, directly or indirectly, by itself or through a related, controlled or controlling entity, foreign assets, crypto assets or securities deposited abroad.
These restrictions will have to be fulfilled 90 days prior to the purchase of dollars in the official market.
According to local sources, the new set of restrictions would be directed to close the loophole that some organizations use by leveraging the exchange control channels to benefit themselves, purchasing cheap dollars at an official rate, and then using these to buy cryptocurrencies to exchange them at a higher rate. The Argentinian Central Bank also introduced a new restriction that forbids buyers of these dollars to purchase any cryptocurrency in the 90 days after the operation, to avoid the situations described.
The measure is arbitrary and discretionary. It is not understood why whoever bought a certain merchandise (because that is what cryptos are) cannot access the exchange market.
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