Last week, the crypto community was taken aback as the Central Bank of Argentina moved to prohibit retail banks from providing Bitcoin and cryptocurrency services.
In the release, the CBoA said risks are associated with using digital assets, including volatility, the threat of cyber attacks, money laundering, and terrorist financing.
Global authorities have voiced similar concerns in the past. For example, EU Bank President Christine Lagarde blasted the role of digital assets in crimes like money laundering in 2021.
However, the timing of the Argentine central bank’s statement was unusual in that it came two days after two of the country’s largest banks had announced they were offering crypto services.
It later emerged the International Monetary Fund (IMF) had stipulated several conditions, including discouraging the use of cryptocurrencies, as conditions for receiving a bailout loan.
What did Argentina get in return?
The country’s senators voted 56 to 13 to accept the IMF’s $
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