Argentina’s Central Bank bans the purchase of cryptocurrencies with credit cards

The Central Bank of Argentina has banned the country’s citizens from using credit cards to buy bitcoin and other crypto assets. The regulator also indicated a number of industries that do not allow the use of credit cards.

As explained by the Central Bank of Argentina, these measures have been taken to preserve the country’s foreign exchange reserves. The only alternative to acquire cryptocurrency is to use the money transferred from a bank account. However, it is not yet clear whether these rules will apply to debit and prepaid cards.

Cryptocurrency experts explain the actions of the Argentine regulator with the intention to strengthen foreign exchange control and block the influx of dollars into the country.

Recall that this week the Central Bank of Argentina has limited the monthly purchase of dollars for citizens from $ 10,000 to $ 200. The central bank said restrictive measures would last about two months. Such uncertainty in the market caused a stir around bitcoin among residents of Argentina, given the calls of financial expert Preston Byrne to buy cryptocurrency.

In addition, in March, venture capitalist and cryptocurrency enthusiast Tim Draper recommended the president of Argentina legalize Bitcoin to improve the country’s economic situation.