Argentina harsh cryptocurrency regulations in place after elections

The Latin American country, Argentina’s new government has now imposed stricter cryptocurrency regulations by putting the cryptocurrency under capital control.

The Argentinian government has been very soft on blockchain-based startups in the country, on the other hand. While the adoption rate in the country is also increasing despite any specific regulatory framework for Bitcoin.

Changes after new cryptocurrency regulations in Argentina

People could only purchase between the range $100 to $200 monthly and depending on the model that would be utilized in order to acquire the funds.

This ruling was imposed by the de the Central Bank (BCRA) following the elections in which the government lost by a close margin with Alberto Fernandez, the opposition candidate. 

After losing the presidential election to Alberto Fernandez, Mauricio Macri’s government decided to impose stricter cryptocurrency regulations with capital controls. Alberto Fernandez, the left-wing candidate, got little over forty-eight percent (48.1%) votes, while Mauricio Marci got little over forty percent votes (40.1%). 

The citizens of Argentina would be able to buy $100 in the form of cash per month or $200 if they are doing it via a bank account.

It is worth noting that the minimum salary in this Latin American country is below $250 up till September, and secondly, the inflation rate skyrocketed to above 55 percent in the previous 12 years.

By devising such measures, the government intends to stop the use of U.S dollars. The currency of Argentina is no stable, and the people are accustomed to spending Argentine peso (ARS) for day-to-day expenditure, and they save in U.S Dollars. This type of economy is called the bi-monetary economy, and it is greatly dependent upon the commodity cycles.