The central bank of the country of Argentina recently ruled that there will be no more cryptocurrency buying with credit cards, which put BTC trading in Argentina in the focus with a new all time high. Bitcoin has proven its resilience against the whims of centralized authorities, the cryptonews show.
The trading volume of Bitcoin (BTC) in Argentina reached a new record high in the local currency – days after the central bank in the country prohibited purchasing crypto with credit cards.
The move stating that there is no more cryptocurrency buying with credit cards shows that the Central Bank of Argentina (BCA) barred its citizens from buying crypto with credit or debit cards mainly in order to preserve its foreign exchange reserves.
This was not a Bitcoin-specific ruling since Argentina also moved to slash its citizens and their USD purchases. However, this was a worrisome sign for the local crypto industry out there.
Despite the alarming ban, BTC trading in Argentina has hit a new record and the cryptocurrency continues to thrive, reaching a record-breaking trading volume against the Argentine peso (ARS)
As reported by many news sites, the Argentina’s national currency (ARS) took a 30% fall on August 12 this year after it became clear that the left-wing rival Alberto Fernandez would be able to win the presidency. Meanwhile, BTC was trading with a $1,000 on LocalBitcoins – a popular crypto exchange in the country.
As it stands, Argentina remains a major crypto hub in Latin America. The political uncertainty and economic instability are just some of the factors which are affecting the country in many ways. However, from a cryptocurrency point of view, Argentina is one of the main destinations for a major crypto expansion.
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While BTC trading in Argentina just hit an all time high, the legality of Bitcoin is still confusing. As we can see from official documents, Bitcoin is considered as money but not a legal currency. Therefore, transactions with Bitcoin (BTC) may be governed by the rules for the sale of goods under the Civil Code.
For more information on regulation of cryptocurrency around the world, visit this link.
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