Central Bank of Argentina to Allow Banks to Operate With Crypto-Assets

The BCRA is developing a regulatory document that will enable banks to offer crypto-asset services to their clients. According to market participants, the proposed change could significantly accelerate the mass adoption of digital assets, as Argentina currently has six times more daily crypto users than the Latin American average, La Nación reports.

The central bank hasn’t disclosed a timeline, but according to the outlet, the authorization may take effect in April 2026. The country attempted to move in this direction before, but the current regulatory framework still prohibits banks from directly operating with digital assets.

To offer crypto services, banks will need either to create their own company and register it as a virtual asset service provider (VASP) or to partner with existing crypto exchanges. Industry reps agree that the second option is more realistic, as building infrastructure requires substantial investment. Sources say some banks are already establishing partnerships so they can begin operations as soon as the ban is lifted.

Meanwhile, the private sector continues to expand its use of digital assets. The country’s largest oil and gas company, YPF, confirmed to La Nación that it’s considering accepting crypto as a means of payment. The initiative is being discussed two months after gas stations were allowed to accept U.S. dollars, making YPF the first fuel retailer to introduce that option.

Currently, YPF is examining a model in which crypto payments would be processed through a registered crypto exchange platform. The company expects the mechanism to work similarly to dollar payments, which currently operate as follows:

1. The customer scans a QR code.
2. Transfers funds from their currency account to YPF’s account at Banco Santander.
3. The system records the peso equivalent based on Banco Nación’s official dollar purchase rate.

Funds received in dollars are available only for spending within the YPF ecosystem, and the operation isn’t considered a currency exchange since it doesn’t involve buying or selling currency.

In March 2025, Argentina’s National Securities Commission (CNV) approved new rules for cryptocurrency service providers, with full implementation scheduled for December 31, 2025.