Argentina prohibits the purchase of crypto assets

For several months, Argentina's economy has been suffering a great recession. The distrust in its currency (Argentine Peso) has caused the run of savers and investors mainly towards the US Dollar.

 Argentina prohibits the purchase of crypto assets

After the presidential elections PASO, in which the current president Mauricio Macri was defeated by the new president-elect Alberto Fernandez, a massive run of the savers who changed their pesos for dollars were generated. Given this unsustainable situation in which the Central Bank lost reserves every day, the decision was made to regulate the exchange market (what is known in Argentina as CEPO). In the first instance the regulation allowed to buy dollars with Argentine pesos up to USD 10,000 per month per person.

On October 27, 2019, the first term elections were held in which Alberto Fernandez was elected as the next president. As of October 28, the Argentine government decided to "tighten" the regulations allowing the maximum purchase of 200 dollars per person per month.

This led to savers resorting to the informal market of the dollar (dollar blue). But also a large part of savers resorted to the purchase of cryptocurrencies as an alternative way to protect their savings. On November 1, 2019, the Central Bank of Argentina has banned through a statement "the acquisition of crypto assets in their different modalities", so strict regulations also affect the crypto market.