NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Argentina’s Central Bank Bans Certain Bitcoin Purchases as Economy Flails

Nick Chong
Nick Chong
1 year ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

If you’ve followed the macroeconomic or Bitcoin news cycle over the past few months, you’ve likely heard and seen the qualms of Argentina.

The South American country has been going through a bout of political and economic turmoil, which has culminated in rapidly-increasing inflation and a tumultuous stock market. In short, it is unlikely that holding Argentine pesos or local assets is sustainable. Hence, many have looked to alternative assets, like Bitcoin and U.S. dollars. But, the Central Bank of Argentina is picking up on this.

Related Reading: Crypto Market to Form Golden Cross as Bitcoin Gains Momentum Above $9k

Argentina Effectively Bans Bitcoin & U.S. Dollar Purchases

According to a report from CoinTelegraph’s Brazil branch, the nation’s central bank wrote in a recent message that purchasing cryptocurrencies with certain payments are banned. The payment method in question is credit cards, with the bank writing:

“Acquisition of Bitcoin and cryptocurrencies: It is prohibited to purchase BTC with this payment method. The only remaining alternative for this investment is to do so with funds transferred from a bank account.”

Argentina’s central bank claims that this is being done to preserve the integrity of the country’s foreign exchange reserves.

This comes shortly after the Argentinian monetary authority revealed that it will only be allowing individuals Argentinians to purchase $200 per month on the legal market. Previously, individuals were allowed to purchase up to $10,000 a month.

#Argentina's Central Bank has just lowered the #Dollar currency purchases from $10,000/month to $200/month.

It's time for #Bitcoin. The only way to bring monetary sovereignty back to the people. pic.twitter.com/oix0WH2UOF

— Crypto Rand (@crypto_rand) October 29, 2019

Other Solutions

While Bitcoin is unavailable to be purchased through credit card solutions, the cryptocurrency can be bought through alternative means, namely platforms like LocalBitcoins and Paxful, which are focused on providing peer-to-peer exchange through alternative payment means like cash and gift cards.

It seems that locals have taken notice of these platforms. According to Coin.dance, Argentina’s LocalBitcoins market has seen near-record volumes over the past few weeks.

Related Reading: Analyst: Bitcoin More Likely to Surge 50% to $14,000 Than Fall

This is for good reason. Bitcoin transactions cannot be censored, can be sent around the world to anyone in minutes, and are cheap when compared to the bank wire system that exists in the fiat system. Also, BTC isn’t able to be hyperinflated, as there exists a strict 21 million coin supply cap.

Bitcoin Not a Proper Solution? 

Sure, the adoption of Bitcoin and cryptocurrencies makes sense fundamentally — they are presumably more stable, an easier way to transact, and more global than the Argentine peso. But, there is no guarantee that Argentinians across the country are embracing cryptocurrencies.

Argentinian-American crypto-macro researcher Alex Krüger said as Argentina’s economy was flailing earlier this year that his peers back at home weren’t buying Bitcoin. He wrote in Twitter threads that Bitcoin awareness in the South American nation is “extremely low”. And thus, the idea that Argentines are rushing to scoop up Bitcoin with their life savings doesn’t make much sense.

Featured Image from Shutterstock
Tweet123Share196ShareSend
Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin price preview July news

Bitcoin July Preview: History Says Don’t Trust The Quiet

Market tactician Daan Crypto Trades (@DaanCrypto) has put a statistical spotlight on Bitcoin’s habit of dozing through June before rewarding...

Jake Simmons 2 hours ago
Bitcoin Price Holds Steady

Bitcoin Price Holds Steady — Bullish Monthly Structure Suggests Rally Continuation

Bitcoin price started trading in a range below the $108,800 zone. BTC is now consolidating and might aim for a...

Aayush Jindal 3 hours ago
제미니, 비트코인 대량 보유한 MSTR 주식 토큰화… 다음 유망 알트코인은?

제미니, 비트코인 대량 보유한 MSTR 주식 토큰화… 다음 유망 알트코인은?

가상화폐 거래소 제미니(Gemini)가 유럽 사용자를 대상으로 마이클 세일러(Michael Saylor)의 스트래티지(Strategy, $MSTR) 주식을 토큰화한 상품을 새로 출...

Soyeon Lee 3 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin Market Enters Caution Zone Amid Rising Sell-Side Pressure, Analyst Says

Ash Tiwari 25 minutes ago

Альткоины усиливают позиции на фоне стабильности Биткоина

lisachaikina 46 minutes ago
Big Money Buys Ethereum as Retail FOMOs Into Bitcoin, What Happens Next?

Big Money Buys Ethereum as Retail FOMOs Into Bitcoin, What Happens Next?

Samuel Edyme 1 hour ago

Premium Sponsors

Press Releases

  • Bitcoin Eyes $112K on Fed Cut Bets and ETF Frenzy

    1 hour ago
  • 仮想通貨プレセール残り24時間で800万ドル目前 次の100倍銘柄となるか?

    ...

    14 hours ago
  • 1ドル以下で注目される仮想通貨おすすめ、Solana系トークンに割安銘柄あり?

    ...

    14 hours ago
  • Най-добрите криптовалути преди...

    15 hours ago
  • リップルとSECの訴訟終了後に注目すべき新しい仮想通貨プロジェクトとは

    ...

    15 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.