Argentina’s Central Bank Set to Greenlight Crypto Services for Domestic Banks

The Central Bank of Argentina (BCRA) is analyzing lifting the crypto ban on banks and allowing them to provide account holders with digital asset-related services, according to Argentinian newspaper, La Nacion.

The new rules for banks could be ready as soon as April 2026, La Nacion reported, quoting sources close to the BCRA.

The central bank issued a law prohibiting banks from carrying out or facilitating operations for their clients with cryptocurrencies, however, following Javier Milei becoming president in 2023, the financial authorities have pivoted toward a more crypto-friendly stance.

The measure, expected to further increase adoption in Argentina, a country that, according to Chainalysys, is a global leader in grassroots cryptocurrency adoption, driven primarily by an economic crisis caused by triple-digit inflation, strict capital controls, and a fundamental distrust of the local peso. Chainalysis noted Argentina ranked 15th for active crypto wallet users with 10 million.

Between July 2023 and June 2024, the country was estimated to have received $91 billion in on-chain transaction volume, making it the most active crypto market in Latin America. Over 60% of this activity involved stablecoins (like USDT), which Argentines use as a crucial mechanism to dollarize their savings and protect their purchasing power against currency devaluation, the report added.

In Latin America, Brazil has the most explicit and comprehensive laws permitting and regulating commercial banks to provide crypto services. Panama is permissive but lacks a central bank-driven framework. While becoming the first country worldwide to make bitcoin legal tender across the country in 2021, El Salvador only recently (August 2025) rolled out a new banking law for private banks to offer digital asset services exclusively to high-net-worth investors.

UPDATE (Dec. 8, 15:35 UTC): Removes description of La Nacion as “conservative.”