Central Bank of Argentina Imposes New Limits on Foreign Transactions and Cryptocurrencies

The Central Bank of Argentina issued a new order today which limits the maximum amount per transaction allowed by financial institutions to foreign accounts. The new limits allow a maximum of USD$50 per transaction, but there are no limits on the amount of transactions per day.

More specifically, the central bank's "Communication A 6823" requires financial entities and local card issuers to obtain prior approval from the Argentine central bank to make payments abroad for the use of credit, debit or prepaid cards issued in the country from the 1st of November.

The new restrictions will apply to transactions relating to gambling, the transfer of funds to investment accounts, forex operations, as well as cryptocurrencies.

Bitcoin traders in Argentina have been using p2p online marketplaces like LocalBitcoins this year to escape capital controls.

Last week, over 14 million Argentine pesos worth of bitcoin trades took place on LocalBitcoins in the country - one of the highest weekly volumes so far this year!

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