Argentina is preparing to bring cryptocurrency into its mainstream banking system. The Banco Central de la República Argentina (BCRA) is drafting regulations that would let traditional banks provide digital asset services, with a potential rollout by April 2026.
The move reverses a ban implemented in May 2022 over concerns about financial system risks.
Sources close to the BCRA confirmed the rule-making process is underway, though the exact timeline remains tentative. Local exchange representatives have suggested April 2026 as a possible date for approval of the new framework.
The policy shift reflects broader changes under President Javier Milei, who took office in 2023. Regulators are taking a more accommodating stance on cryptocurrency as Argentina faces severe economic pressures, including inflation above 270 percent and restrictive foreign exchange controls.
Lemon, a local crypto exchange, told reporters that opening the banking system to digital assets would accelerate mainstream adoption, describing the move as a key driver for integrating crypto services across Argentina’s financial infrastructure.
Argentina processed $91 billion in on-chain transaction volume between July 2023 and June 2024, according to Chainalysis. That makes the country Latin America’s most active crypto market by total transfers, largely driven by economic necessity rather than speculation.
Stablecoins account for over 60 percent of that activity. Residents rely on dollar-pegged tokens like USDT to protect savings against peso depreciation, demonstrating how cryptocurrencies have become practical financial tools in a high-inflation environment.
The nation ranks 15th globally with 10 million active crypto wallet users. Adoption is fueled by triple-digit inflation, strict capital controls, and widespread distrust of the local currency, pushing citizens toward alternative solutions for everyday financial management.
Securities regulators have also set licensing rules for virtual asset service providers. Since April 2024, crypto platforms have been required to register, with Coinbase approved to expand services in January and Bybit gaining authorization in August.
The central bank previously tightened restrictions in May 2023, prohibiting payment processors from handling crypto transactions. The new framework would reverse that approach, allowing digital assets to be integrated directly into regulated banking operations.
Regional comparisons show Brazil leads Latin America with the most comprehensive bank crypto regulations. El Salvador allows private institutions to offer digital asset products to high-net-worth clients, while Panama permits crypto activities without centralized oversight.
