Argentina’s central bank banned payment providers from offering crypto transactions. The ban is intended to reduce Argentina’s payment-system exposure to digital assets, said the monetary authority.

According to a statement from the monetary authority, payment providers may not offer or facilitate crypto services through their applications. The move brings payment fintechs and financial institutions under the same rules in the country.

„Payment service providers that offer payment accounts […] may not carry out or facilitate operations with digital assets, including crypto assets, that are not regulated by the competent national authority and authorized by the Central Bank of the Argentine Republic,” said the authority. Cryptocurrencies are not regulated in Argentina, which means all coins and tokens are subject to the decision.

Argentina’s fintech chamber urged the government to reconsider the decision, claiming that „it limits access to a technology that offers multiple benefits and opportunities for our society.”