{"id":10800,"date":"2023-05-19T05:02:22","date_gmt":"2023-05-19T09:02:22","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/top-argentine-lawyers-hit-out-at-crypto-ban-will-government-respond\/"},"modified":"2023-05-19T05:02:23","modified_gmt":"2023-05-19T09:02:23","slug":"top-argentine-lawyers-hit-out-at-crypto-ban-will-government-respond","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10800","title":{"rendered":"Top Argentine Lawyers Hit Out at Crypto \u2018Ban\u2019 \u2013 Will Government Respond?"},"content":{"rendered":"
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Top Argentinian lawyers have criticized the government\u2019s partial \u201cban\u201d on crypto trading.<\/p>\n

Buenos Aires has moved to block firms from letting their customers conduct transactions with cryptoassets.<\/p>\n

This month, the Central Bank of Argentina stated that domestic platforms must not \u201cfacilitate\u201d the purchase of crypto \u201cfrom their applications or web platforms.\u201d<\/p>\n

The bank wrote on Twitter<\/a>:<\/p>\n

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\u201cInterested parties must carry out [crypto] transactions on their own.\u201d<\/p>\n<\/blockquote>\n

Some platforms say they are unaffected by the \u201cban.\u201d<\/p>\n

But others, such as the payments platform Ual\u00e1, have responded by shuttering their crypto trading services.<\/p>\n

The Buenos Aires Bar Association, reported Criptonoticias, urged lawmakers to reverse the ban.<\/p>\n

In a statement, the legal group said:<\/p>\n

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\u201cThe [ban] comprises serious limitations regarding legitimate initiatives that enable innovation, investment, financial inclusion, and employment in Argentina.\u201d<\/p>\n<\/blockquote>\n

The group stated that the Central Bank had \u201cadded new restrictions\u201d for \u201cusers of new technologies.\u201d<\/p>\n

Argentine Lawyers Bemoan \u2018Rights-violating\u2019 Crypto \u2018Ban\u2019<\/h2>\n

The lawyers added:<\/p>\n

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\u201c[The ban] [is] contrary to innovation and development. It also curtails citizens\u2019 basic [\u2026] freedoms. And, in turn, it violates the constitutional right of multiple companies and entrepreneurs to work [and] trade in a lawful industry.\u201d<\/i><\/p>\n<\/blockquote>\n

The bank is thought to have moved in response to a request from the International Monetary Fund (IMF).<\/p>\n

The government is in conversation with the IMF over a possible $45 billion bailout package.<\/p>\n

Crypto adoption is also on the rise in Argentina, with Bitcoin (BTC) and USDT among the most popular coins in the nation.<\/p>\n

The Argentinian peso\u2019s inflation rate is considered the highest in the world, and this year surpassed the 100% mark.<\/p>\n

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Citizens have responded by buying USD and USD-pegged stablecoins, with BTC soaring to an all-time high versus the peso in recent weeks.<\/p>\n

Some domestic politicians have suggested embracing crypto as a source of value for savers.<\/p>\n<\/p><\/div>\n