Argentina is contemplating a significant shift in its bitcoin policy.
The central bank of Argentina, Banco Central de la República Argentina (BCRA), is reportedly working on regulations that would enable commercial banks to provide trading and custody services for bitcoin and other cryptocurrencies to their customers.
If these regulations are approved, they could be enforced as soon as April 2026.
This potential change would lift a ban that was imposed in May 2022, when the BCRA prohibited banks from conducting or supporting any transactions involving digital assets, citing concerns about financial stability and money laundering.
Since then, most crypto activities in Argentina have occurred through informal channels or foreign exchanges.
With the proposed framework, banks could integrate cryptocurrency services directly into their applications and accounts, facilitating the trading and custody of certain cryptocurrencies, including Bitcoin.
These activities would be organized through distinct legal entities that would meet elevated capital, security, and liquidity standards. Moreover, banks would need to adhere strictly to know-your-customer (KYC) and anti-money-laundering (AML) regulations, in alignment with guidelines from Argentina’s National Securities Commission (CNV).
Bitcoin as a measure against inflation
Officials have indicated that this initiative is part of a wider endeavor to modernize financial services. Argentina has faced years of significant inflation and stringent currency controls, leading many citizens to turn to cryptocurrencies for savings protection.
According to Chainalysis, Argentina holds the 15th position globally for active crypto wallet users, with approximately 10 million accounts. Between July 2023 and June 2024, the country recorded about $91 billion in on-chain transactions, with over 60% involving stablecoins.
Bitcoin-friendly president Javier Milei has helped drive this policy change since taking office in December 2023.
His administration promotes broader financial freedoms, including access to alternative currencies. Under his leadership, the BCRA has shown openness to reconsidering previous restrictions.
Local banks have expressed interest in re-entering the crypto market. Some had begun testing in-app trading features before the 2022 ban, and they are now developing systems to support regulated crypto services once they receive approval.
Argentina is following the US SEC’s example
This move aligns with regulatory developments in other parts of the world. In the U.S., the revocation of the Securities and Exchange Commission’s SAB121 in January 2025 has enabled major banks like Citi and State Street to plan for crypto custody services. Similarly, European banks are increasingly offering crypto services to retail clients.
Argentina’s proposed framework is still under review. Authorities are assessing risk management, reporting requirements, and which cryptocurrencies banks may support. They have stressed the importance of ensuring a balance between innovation, consumer protection, and market stability.
If implemented, Argentina could set a precedent for integrating traditional banking with digital assets in an environment of high inflation. Observers note that the country’s journey may provide insights for other nations where citizens depend on crypto to guard against currency depreciation.
The BCRA has yet to confirm a definitive timeline, but internal reports suggest a decision might be made by April 2026.
