Key facts:
The Argentine Central Bank established a limit of up to $ 50 in operations with cards.The measure might affect the operation of the exchange houses of cryptocurrencies.The Central Bank of the Republic of Argentina (BCRA) decided to reinforce the limits placed on foreign exchange, limiting the purchase of bitcoin and other cryptocurrencies with credit and debit cards. The new measure, which goes into effect this November 1, will affect the operation of bureaux de change national, as well as to financial institutions and companies issuing credit cards.The BCRA published this Thursday, October 31st, the “Release C 6823”, an ordinance that strengthens the existing limits placed on foreign exchange in the argentine territory. Through this measure, the authority has decided to limit the operations with credit cards, debit cards and prepaid. In this way, the BCRA reported that since this date you should approve in advance the use of these cards for games of chance or for the acquisition of cryptocurrencies.On the other hand, the use of local cards for exchange transactions of foreign exchange, investment, or payments to suppliers will also be limited.Also, it was decreed a cap of $ 50 for the withdrawal of cash between users on the outside. This last provision is complementary to the measures already taken by the argentine government last Monday, 28 of October, and then establish a fixed amount monthly of $ 200 per person.With these actions, the Executive would be trying to eradicate possible routes used by the public to evade the exchange control. Among these is the use of bitcoin as a guard value, to the dollars electronic of Paypal, or the purchase of casino chips.If you take into account that several houses of change of cryptocurrencies of Argentina accept payments with cards, it can be assumed that the strengthening of the stocks exchange rate can have an impact on the purchase and sale of bitcoins. In this sense, the argentine users could be confined to the acquisition of cryptocurrencies with cash or bank transfers with argentinean pesos.The current exchange control was implemented in Argentina since last September 2, when entered into force a new decree by which the residents of that country who wish to purchase us dollars or transfers, require the approval of the Central Bank.