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- The Central Bank of Argentina granted the digital wallet companies three months to implement the rules.
Digital money and crypto are becoming popular in Argentina, drawing regulators’ attention. The Argentinian Central Bank recently issued a set of rules to heighten the level of protection users of popular digital wallets in the country receive.
The users of Uala and other digital wallet providers will now have to be treated as financial users having protection close to those offered to bank users.
It means that these entities will have to name user support representatives and solve common problems in less than ten days. Digital wallet offering companies must adapt their terms of service and conditions to meet the central bank’s requirements regarding financial contracts.
Similarly, the companies must provide an effortless way for the customer to withdraw services already accepted by these products and close their accounts with these companies easily, a common issue a customer faces.
Major players in this sector, like Mercado Pago and other giant wallets, already comply with these measures; this will likely drive costs higher for small wallet providers who will now have to provide observation reports signed by professionals of Economics Science college.
As per Tavarone, Rovelli, Salim, and Miani, a national law firm, the application of these rules will alter depending on several factors. It states, “The plans will be prepared following the model established in due time and must verify compliance with the regulations issued by the Central Bank of Argentina that are applicable as per the type of payment service provider in question. ”
The digital wallet companies have three months to implement all new rules and regulations formed by The Central Bank of Argentina.
Earlier in July 2022, TheCoinRepublic reported that The Argentinian government seized more than 1000 crypto wallets, which were owned by the taxpayer of Argentina who showed delinquency.
According to a report from local media outlet iProUP, courts across Argentina authorized the seizure of 1,269 cryptocurrency wallets belonging to citizens with outstanding debt to Argentina’s Federal Administration of Public Income (AFIP).
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
