Argentina’s Senate approved a $45 billion debt deal with the International Monetary Fund (IMF). The deal itself relates to a provision that will discourage the use of cryptocurrencies.
“To further protect financial stability, we are taking important steps to discourage the use of cryptocurrencies to prevent money laundering, informal activities and intermediation,” the provision states.
According to the statement, Argentina also plans to continue the digitalization of payments to improve the efficiency of payment systems.
Argentina has become one of South America’s leading cryptocurrencies. According to local exchanges, the country saw a six-fold increase in stabelcoin purchases in 2020, with inflation at 52.3 percent.