Argentina is moving toward a major overhaul of its financial rules that could allow banks to offer Bitcoin and other cryptocurrency services for the first time since 2022.
The shift reflects how deeply crypto has become embedded in everyday financial life, as citizens increasingly rely on digital assets to cope with inflation and currency instability. Regulators are now working to bring that activity into formally supervised channels.
Internal planning shows the country wants its banking sector to take on a structured role in crypto access, custody, and compliance, although the proposal is still under review.
Central bank rethinks crypto restrictions
The Banco Central de la República Argentina has barred banks from handling crypto since May 2022, a move originally designed to reduce financial crime risks and protect stability during a fragile economic period.
That policy is now being re-evaluated as demand for digital alternatives grows.
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Since President Javier Milei took office in December 2023, the government has pushed a more permissive stance on financial choice, arguing that citizens should be free to use Bitcoin and other digital currencies. This political shift has accelerated regulatory efforts to revisit the ban and draft a new framework.
New regulatory framework taking shape
According to reports, the central bank is developing rules that would allow banks to integrate crypto directly into their services, including:
- Crypto trading access
- Custody services
- A whitelist of approved assets such as BTC, ETH, USDC, USDT, and XRP
Under the proposal, banks would have to comply with strict CNV oversight, apply enhanced KYC and AML standards, and run crypto operations through legally separate entities with higher capital, cybersecurity, and liquidity requirements.
This approach marks a move from prohibition to tightly controlled participation, positioning Argentina as one of the first high-inflation economies to formally integrate crypto services into the mainstream banking system.
Inflation driving crypto use
Crypto adoption has surged in Argentina over the past three years as households seek protection from chronic inflation.
With inflation reaching 1,427% in 2023 and still running above 2% per month, many residents now use Bitcoin and dollar-pegged stablecoins to store value, pay for goods, and avoid peso depreciation.
Regulators now want that activity to operate inside a supervised framework. Allowing banks to offer crypto could reduce reliance on unregulated platforms and improve transaction transparency, while giving consumers a safer environment.
Possible launch window
While the proposal has not yet been finalized, industry experts expect the new framework could be ready by around April 2026, with technical groundwork already in progress.
If implemented, Argentina could become a leading case study in how inflation-hit economies integrate crypto into traditional banking.
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