After recently imposing limits on U.S. dollar purchases, the Central Bank of Argentina (BCA) announced Oct. 31, that citizens are prohibited from using credit cards to buy Bitcoin (BTC) or other cryptocurrencies. The news was initially reported by Cointelegraph Brazil on Nov. 1. 

All in the name of preserving forex reserves

The measures were published in a communication covering several industries in which credit card use was limited or prohibited. The section referring to cryptocurrency reads:

“Acquisition of Bitcoin and cryptocurrencies: It is prohibited to purchase BTC with this payment method. The only remaining alternative for this investment is to do so with funds transferred from a bank account.”

It is unclear whether the rules apply only to credit cards or if this includes debit and prepaid cards.

The BCA says that these measures are critical to preserving the country’s foreign exchange reserves.

Bitcoin just part of a wide-ranging crackdown

According to experts, the central bank intends to block the entry of dollars into the country, seeking to have stronger exchange control. 

This follows a move by the BCA earlier this week, which limited the amount of U.S. Dollars Argentinian citizens could buy each month. The maximum amount was reduced from $10,000 to just $200.

At the time this caused a spike in Bitcoin trading, which these latest measures would seem to partially address.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Ethereum Classic price squeezed, puts ETC on the verge of a sharp move

Ethereum Classic price has not accomplished anything since claiming the 2018 high on July 24, showing a 3.60% gain over the last nine days. The lack of price traction stands in contrast to the unstoppable advance for ETH over the last 13 days.

More Ethereum Classic news

AXS price sows doubt, yet Axie Infinity has the swagger for higher prices

AXS price climbed 183.75% from May 21 to May 23, easily besting any previous three-day rally since 2020 and carry the cryptocurrency to the 461.8% extension of the April-May correction. Over the last ten days, Axie Infinity has fallen -6.23%, leaving doubt about the potential to continue ...

More AXS news

Cardano Price Prediction: ADA bulls attempt retest of $1.50

Cardano price is currently hovering around a crucial support level, but a minor pullback before a new leg up seems likely. Therefore, investors can expect ADA to correct critical demand barriers.

More Cardano News

Dogecoin price might slide 20% as on-chain metrics scream sell

Dogecoin price set up multiple higher highs since July 17 but is currently showing weakness, indicating a shift in trend. On-chain metrics suggest that losing a critical support level might trigger a slew of selling pressure, pushing DOGE lower.

More Dogecoin News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP