The Central Bank of Argentina has introduced restrictions for cryptocurrency traders to access the single fiat currency exchange market and the ability to buy US dollars at the official rate.
The Central Bank of Argentina (BCRA) has notified cryptocurrency market participants that those who have bought digital assets in the past 90 days with Argentine pesos will not will be able gain access to a single free exchange market (Mercado Único y Libre de Cambio, MULC) and exchange them for dollars at the official rate.
The ban applies to all crypto traders, regardless of their legal status. According to data Criptoya, the cost of buying Tether (USDT) using Argentine Pesos (ARS) is currently 271.4 ARS, up 116.25% from the beginning of the second half of the year.
So Argentina, which has the third largest economy in Latin America, is tightening currency controls and raising interest rates to curb inflation. According to BCRA, now the annual inflation in the country is about 64%, and this is one of the highest rates in the world.
In June, Argentine customs seized a large shipment of 2,233 miners worth about $22 million that had been brought into the country bypassing the Integrated Import Monitoring System (SIMI).
Source: Bits
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