The Argentine Senate will be voting on a letter of intent with the International Monetary Fund (IMF) that includes a provision discouraging the use of cryptocurrencies. andresengler reports
The Argentine Senate will be voting on a letter of intent the country struck earlier this month with the International Monetary Fund that includes a provision discouraging the use of cryptocurrencies.The cryptocurrency provision is part of aThe agreement was already approved by the Chamber of Deputies, lower house of the Argentine National Congress, on March 11 and was scheduled to be discussed late Thursday by the Senate for final approval.
The provision, entitled “Strengthening financial resilience,” says: “To further safeguard financial stability, we are taking important steps to discourage the use of cryptocurrencies with a view to preventing money laundering, informality and disintermediation.” The letter of intent also describes that “while commercial banks remain liquid and well-capitalized, strong bank oversight will continue, especially following the unwinding of pandemic-related regulatory forbearance.”
Argentina also plans to continue its payment digitalization process “to improve the efficiency and costs of payments systems and cash management,” according to the letter-of-intent. The Latin American country, which recorded year-on-year inflation of 52.3% in February, has become one of South America’s the leading crypto hubs in the region.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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