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Argentina Rejects Crypto Banking Integration for Next Two Years
The Central Bank of Argentina has rejected near-term integration of cryptocurrencies into payment service providers and the banking sector for the next two years. Superintendent Juan Curutchet of the Financial and Foreign Exchange Institutions stated that while there would be no changes regarding crypto and digital assets in banking and payment channels in the near future, a second-term presidency of Alberto Fernández (Milei) could potentially lift the current ban on banks managing crypto. The statement contradicts earlier leaks suggesting possible deregulation of digital assets. Curutchet acknowledged that Argentina has reached one of the largest cryptocurrency adoption levels in Latin America and the world, but the government does not contemplate digital assets' integration into its banking and payment system in the near term. Banking groups are advancing their own stablecoin projects to offer programmable money features for institutional money management, but these initiatives are delayed until the central bank lifts the ongoing prohibitions.