Argentina's central bank, the Banco Central de la República Argentina (BCRA), is considering a significant shift in its stance on cryptocurrencies, potentially allowing traditional banks to offer crypto trading and custody services. This move would reverse a long-standing prohibition that has kept banks out of the digital asset space.
The BCRA had initially banned financial institutions from offering crypto trading in May 2022, citing risks to users and the financial system. However, the widespread adoption of cryptocurrencies by Argentines, seeking refuge from hyperinflation and currency controls, has prompted a reevaluation of this policy. Many Argentinians use Bitcoin and stablecoins to protect their savings, with stablecoins acting as a "digital lifeline". Some even receive salaries and make payments in crypto, making it a part of daily life.
The proposed regulatory change aligns with the market-friendly stance of President Javier Milei's administration, which has expressed support for financial reforms and crypto adoption. The shift aims to bring the already substantial crypto activity within the country into a regulated framework, strengthening Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance.
Under the potential new framework, licensed private banks could establish crypto desks for retail and institutional clients, operating with segregated business units and dedicated infrastructure. Banks would be required to route orders through approved venues, implement institutional-grade custody solutions with clear segregation of client assets, and meet stringent capital, liquidity, and risk-management standards. Permitted assets would likely be limited to blue-chip cryptocurrencies like Bitcoin and major dollar-pegged stablecoins, along with tokenized instruments meeting minimum liquidity, transparency, and auditability standards. Clients would also receive explicit warnings about the risks associated with crypto investments, including the lack of deposit insurance and potential for market and technology-related losses.
Sources suggest that the new cryptocurrency rules are being drafted, with one exchange representative speculating that the measure could be approved around April 2026. If the policy change occurs, regulated banks facilitating crypto transactions could provide Argentinians with a safer and more structured investment avenue, while also giving the central bank greater oversight of market activity. This move could formalize the mass usage of stablecoins and crypto by Argentines.
