The Argentinian Central Bank has issued a new set of restrictions that are affecting citizens and companies that have purchased cryptocurrency to use it as a hedge against currency devaluation. The bank will only sell dollars at an official rate to individuals and companies that have not purchased crypto for at least 90 days prior to the operation, with the objective of curbing the rise in the exchange rate.
Argentinian Crypto Users Excluded From Buying Dollars in Official Markets
The Argentinian government is trying to stop the escalade that the exchange rate of the blue dollar, the price of the U.S. dollar in informal markets in the country, has had since some weeks ago. The Argentinian Central Bank has issued a resolution that excludes companies and individuals that have purchased cryptocurrencies from accessing dollars at the official rate.
The communication, identified with the number 7552, declares that access to the official dollar markets will be open to individuals and companies that:
Have not delivered funds in local currency or other local assets (except funds in foreign currency deposited in local financial entities) to any human or legal person, resident or non-resident, related or not, receiving as prior or subsequent consideration, directly or indirectly, by itself or through a related, controlled or controlling entity, foreign assets, crypto assets or securities deposited abroad.
These restrictions will have to be fulfilled 90 days prior to the purchase of dollars in the official market.
Closing the Loophole and Local Reactions
According to local sources, the new set of restrictions would be directed to close the loophole that some organizations use by leveraging the exchange control channels to benefit themselves, purchasing cheap dollars
