Argentina's bank supervisor defers crypto in banks to a possible second Milei term
Argentina's central bank will keep its 2022 ban on banks offering crypto this year, Juan Curutchet said, naming a second Milei term as a possible opening. That keeps the country's banks out of a market that took in $88.5 billion of crypto in a year, by Chainalysis's count.
The Investor · Invest desk
Banks: barred by the BCRA's 2022 crypto ban, its end tied to the pre-election economy. Payment providers: crypto rejected, door open in a second Milei term. Banking groups' separate firms: building stablecoins. Banks' stablecoin projects: bank integration delayed until the ban lifts.
- What it limits constraint Argentine banks Barred from crypto services by the BCRA's 2022 ban; its end depends on the economy before the presidential election, claim 5
- What it limits constraint Payment service providers Crypto integration rejected; the door is left open to it in a hypothetical second Milei term, claim 1
- What's now possible capability Banking groups' separate firms Developing their own stablecoin initiatives through separate companies to respect the current ban, claim 7
- What it limits constraint Banks' stablecoin projects Banking integration delayed until the central bank lifts the ongoing prohibitions, claim 9
| Who | How | Kind | Claim |
|---|---|---|---|
| Argentine banks | Barred from crypto services by the BCRA's 2022 ban; its end depends on the economy before the presidential election | constraint | 5 |
| Payment service providers | Crypto integration rejected; the door is left open to it in a hypothetical second Milei term | constraint | 1 |
| Banking groups' separate firms | Developing their own stablecoin initiatives through separate companies to respect the current ban | capability | 7 |
| Banks' stablecoin projects | Banking integration delayed until the central bank lifts the ongoing prohibitions | constraint | 9 |
What happened
- Curutchet, the BCRA's superintendent of financial and foreign exchange institutions, gave the line at an event organized by the Argentine Payment Chamber.
- His comments cut against leaks in which bank sources said a draft letting banks offer crypto services was being prepared.
- Banking groups are building their own stablecoin projects through separate companies so they stay within the ban.
- Those projects are aimed at institutional clients and cover treasury management, payments triggered by on-chain events and collateralized credit.
Why it matters
- Who has to decide decision Anyone planning crypto inside an Argentine bank or payment provider has to choose between a separate company it can set up now and an opening that depends on the next election.
- Who's exposed exposure Because the ban's end is tied to the economy before the presidential election, a bank's crypto timeline depends on the country's economic fragility and on the vote as much as on its regulator.
- What's now possible capability Sister companies let banking groups build an institutional stablecoin business now, before the banks themselves get any opening.
Next story · Invest · yesterday
Transfers above $10 million put the US back as a net bitcoin importer, Chainalysis findsConfirmed2 publishers
The report from news.bitcoin.com puts the hold at two years [1], a longer horizon than the quotation it carries. Leaving the stage, Curutchet said: "You didn't ask me about the dollar or crypto. That's fine, because nothing is going to happen this year. But I do see it as a possibility during a second Milei presidency." [3] His words cover this year and point to a second term. The report does not say what he expects in between. If the draft in the leaks exists [4], that interval is where it would have to appear.
The BCRA's 2022 ban bars financial institutions from offering crypto services [5]. The outlet says lifting it depends on the state of the economy before an upcoming presidential election [5]. Curutchet set out the condition himself. "Today we have a level of fragility that does not allow us to advance as much. But I think there is a pending agenda for later," he said [6]. Integration into the banks waits until the prohibition lifts [9], and the central bank has also ruled out crypto in payment providers for now [1].
Argentina became Latin America's second-largest crypto hub with the ban in force, according to Chainalysis [10]. The $88.5 billion in crypto value it received over the 12 months to June 30 works out to about $7.4 billion a month [11]. Under the 2022 rule, no licensed bank can offer a crypto service on any of that flow [5]. On this evidence, the separate-company requirement is a problem for banks and payment providers.
A second Milei term with lower perceived fragility would open Curutchet's "pending agenda for later" [3][6]. The leaked draft, if real, could surface after this year [4]. Without a second term, the one opening he named goes with it [3]. We'd expect banks to keep building in separate companies through the election [7], because his opening needs a second presidency and a fall in fragility [3][6]. The regulator controls neither. The counter-case is the leak: bank sources described an actual draft [4], and an offhand comment Curutchet made as he left the stage does not bind the BCRA. A published BCRA text relaxing the 2022 ban before the election would prove us wrong [5].
What to watch
- Publication of the draft that bank sources said would let Argentine banks offer crypto services, or a BCRA statement that no such draft exists.
- The date and result of Argentina's next presidential election, the event Curutchet linked to any opening for crypto in banks.
- Whether the banks' separate stablecoin companies move beyond institutional treasury, conditional payments and collateralized credit while the 2022 ban stands.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence72
- Adoption35
- Hype gap−10
- Incentives
- Not scored
- Confidence70
Perspective Coverage
4 publishers- Builder
- Builder 29%
- Operator
- Operator 37%
- Investor
- Investor 34%
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Argentina's central bank rejected crypto integration into payment service providers and the banking sector for the next two years, leaving the door open to these measures in a hypothetical second Milei term.
- [2]
Juan Curutchet, Superintendent of Financial and Foreign Exchange Institutions at the Central Bank of Argentina (BCRA), reiterated at an event organized by the Argentine Payment Chamber that there would be no changes regarding crypto and digital assets in banking and payment channels in the near future.
- [3]
"You didn't ask me about the dollar or crypto. That's fine, because nothing is going to happen this year. But I do see it as a possibility during a second Milei presidency."
- [4]
Curutchet's statement contradicts alleged leaks hinting at possible deregulation of digital assets, with bank sources claiming a draft to allow banks to offer crypto services was in the works.
- [5]
The BCRA's 2022 ban on financial institutions offering crypto services will hold, with its elimination depending on the state of the economy before an upcoming presidential election.
- [6]
"In a country where the perception of vulnerability and fragility has decreased significantly, more than today, and with full economic freedom, these are issues on which progress must be made. Today we have a level of fragility that does not allow us to advance as much. But I think there is a pending agenda for later."
- [7]
Banking groups are developing their own stablecoin initiatives through separate companies to respect the current ban.
- [8]
The banks' stablecoin projects offer programmable money features for institutional money management, including treasury management operations, payments conditioned on on-chain events, and collateralized credit management.
- [9]
Banking integration of these stablecoin initiatives would be delayed until the central bank lifts the ongoing prohibitions.
- [10]
Even with the prohibition, Argentina became the second-largest crypto hub in Latin America, receiving over $88.5 billion in crypto value in the 12 months ending June 30.
- [11]
Argentina's crypto value received averaged about $7.4 billion a month over the 12 months to June 30.
Sources
4 independent publishers whose own reporting we read for this story.
- crowdfundinsider.comArgentina’s Central Bank Rules Out Near-Term Crypto Integration into Banking Platforms
1 article · October 11, 2026
- cryptobriefing.comArgentina’s central bank says no to crypto in banks this year
1 article · October 12, 2026
- news.bitcoin.comArgentina’s Central Bank Rejects Near-Term Crypto Banking Integration
1 article · October 11, 2026
- thepaypers.comArgentina’s central bank rules out crypto in banking for now
1 article · October 13, 2026
Topics and entities
Topics
- Argentina's economy
- Crypto Regulation and Licensing
- Stablecoins
Entities
- Central Bank of Argentina
- Chainalysis
- Javier Milei
- Cámara de Medios de Pago