Cointelegraph Team
Cointelegraph
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.
Recommended Content
Editors’ Picks
Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop
The LUNA hard fork is set to occur on May 28, followed by the subsequent airdrop of LUNA 2.0 tokens to eligible holders. Ahead of the real LUNA 2.0 airdrop, some scammers have tried to lure LUNA and UST holders to send their assets in lieu of receiving the new tokens.
Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats
Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.
This Web3 move by Crypto.com could be a good bet for patient investors
Crypto.com price stabilization on a high time frame chart indicates that a bottom formation could be taking place. This pattern combined with a bullish signal from a momentum indicator adds credence to the possibility of a reversal and a recovery rally for CRO.
Why Elon Musk’s tweet failed to move Dogecoin price
Dogecoin price slipped up as Bitcoin price triggered a sudden crash on May 26. This downswing, while serving as a great opportunity to accumulate DOGE, failed to recover alongside BTC.
Bitcoin: On-chain metrics support multiplying downside threats
Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.