Argentine Central Bank Bars Use of Credit Cards for Cryptocurrency Purchases

 

 

 

 

 

 

Argentinians will no longer be allowed to use their credit cards to purchase digital assets like Bitcoin, due to new exchange controls imposed by the nation’s central bank, infobae reports. The ban on credit card use for such purchases was included in an array of capital controls announced on October 31, 2019.

The new rules include controls on use of credit cards in betting, funds transferred to payment service providers like PayPal, transfers to investment brokers, forex purchases, and cryptocurrency assets. According to the announcement:

No more bitcoins can be purchased with this payment method. It only remains as an alternative for this investment to do so with funds transferred from a bank account.

The move by the central bank is apparently part of a broader government effort to exert more control over the exchange of currency, to preserve Argentina’s foreign exchange reserves. This is just the latest in a series of capital controls implemented by the government in recent months, as officials work to stabilize the country’s markets to stem a deepening financial crisis.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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