The BCRA prohibits companies and individuals from accessing the official dollar if they bought cryptocurrencies

Avatar James Lochner 2 years ago

In today’s highlights news summary, highlights the ban of the Central Bank of the Argentine Republic (BCRA) to access the official dollar if you bought cryptocurrencies.

Argentina is plunged into an inflation that seems to have no point of falling. And, while the informal dollar does not find a ceiling, measures continue to be tightened so that savers take shelter in the foreign currency in order to prevent their pesos from depreciating. Now, in addition, purchases of cryptocurrencies in pesos are included in the list of restrictions, as announced by the Central Bank of the Argentine Republic (BCRA) through a statement.

This measure by the BCRA will apply to those companies and human persons who bought cryptocurrencies with pesos. Both on the day they applied for market access and in the 90 days prior to doing so.

Value of the informal dollar in Argentina

In this way, the current situation of the country in relation to the link between the local currency and the US dollar is reflected. A situation that is accentuated with every movement and decision made by the government, such as the recent resignation of the minister of economy.

Recall that Silvina Batakis is the second woman in the history of Argentina to hold the position in the ministry of economy. However, the situation, far from improving, continues to worsen and a sample of this could be noticed this morning, when the dollar started on Friday with new historical highs as shown below:

Buying cryptocurrency with a credit card is now indirectly banned in Taiwan

The Financial Supervisory Commission (FSC) of Taiwan, one of the main financial regulators, issued a note addressed to the banking sector in which it indicates that they should not grant virtual asset providers (VASPs) the status of merchants in transactions with credit card holders. That means a de facto ban on buying crypto with a credit card on the island.

As inform the local media on Thursday, July 21, the Financial Supervision Commission sent a letter to the Association of Banks in early July. Reminding the members of the Association of Banks that virtual assets are highly speculative and risky. And, that cash flow is complex and difficult to effectively control transactions.

BCG Report: Crypto will reach 1 billion users by 2030

In a report jointly published by BCG, Bitget and Foresight Ventures, the data shows that, compared to traditional investment assets, the adoption of cryptocurrencies is still very low. According to BCG, only 0.3% of individual wealth is invested in cryptocurrencies.

The report shows that it is incomparable with the 25% that is put in equities. Due to these data, the report concluded that the low penetration in terms of investment means that there is still a lot of room for growth. As well as a more substantial adoption within the cryptocurrency industry.

By comparing the data they have, the researchers were able to predict that by 2030, cryptocurrency users could reach one billion if the trend line runs its course.

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