Argentina bans cryptocurrency owners from buying fiat money

The Central Bank of Argentina has announced new restrictions for cryptocurrency holders, banning investors from buying US dollars.

According to representatives of the Central Bank, the country’s financial system is suffering from inflation, so it is necessary to stop the outflow of money from the country, which can be easily done by limiting the ability of crypto investors to buy dollars. Residents of the country who have purchased bitcoin or altcoins in the last 90 days will not be able to access the Mercado Único y Libre de Cambio single exchange market and buy dollars at the official rate.

Argentina currently has one of the highest inflation rates in the world. According to the Central Bank, the annual inflation rate in the country is 64%. In early July, Argentine citizens began to worry about the future of their savings. Argentinians invested in stablecoins in an attempt to preserve their own funds. The growth of investments in USDT and DAI stablecoins in the first days of July amounted to 300%.