The central bank is drafting a measure and could have it ready as soon as April 2026, Seeking Alpha reported Monday (Dec. 8), citing a report from Argentine newspaper La Nacion.
Argentine banks have been banned from carrying out or facilitating crypto-related transactions for their clients since 2022, according to the report.
The central bank’s consideration of a reversal of the ban follows the 2023 election of Argentine President Javier Milei, who is pro-crypto, per the report.
CoinDesk, which also flagged the news from La Nacion, reported Monday that Argentina is one of the world’s top adopters of cryptocurrencies, with many people seeing stablecoins as a hedge against inflation.
Argentina has been challenged by triple-digit inflation, strict capital controls and widespread distrust of the local peso, according to the Coinbase report.
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This environment has driven the adoption in cryptocurrency in Argentina, and the country now has 10 million active crypto users, ranking it No. 15 in the world on that measure, per the report.
PYMNTS reported in May 2022 that that Argentina’s inflation seemed to be pushing crypto payments.
At the time, cryptocurrency penetration in the country was twice that of neighbors like Brazil, Mexico and Peru, but its inflation was five to 10 times worse.
There were signs the economy was driving people to pay in bitcoin and stablecoins.
In January, cryptocurrency exchange Coinbase announced that it was launching in Argentina after regulators in the country give their approval for it to begin operating there.
At that time, the Argentine economy had gotten on better footing, mostly due to Milei’s economic reforms.
Coinbase said in January that 5 million Argentinians used crypto daily. The company added that 87% of the country’s adults believe crypto can boost financial independence, 76% see crypto as a solution to some of their financial frustrations, such as inflation and high transaction costs, and 79% are open to receiving their payments, including wages, in crypto.
“For many Argentinians, crypto isn’t just an investment, it’s a necessity for regaining control over their financial futures,” Fabio Plein, director for the Americas at Coinbase, said at the time in a press release.
