Argentina Slams Brake On Crypto, Banning Purchases Through Banks

Argentina’s central bank dealt cryptocurrencies a blow Thursday, prohibiting financial institutions in the South American country from offering clients any operations involving unregulated digital assets.

The monetary authority banned operations that allow bank clients to purchase crypto, just days after two large institutions announced they would let clients buy Bitcoin and other digital currencies. The ban also includes assets whose returns are determined by the fluctuations of cryptocurrencies.

Argentines are embracing cryptocurrencies at a quick pace as recurring currency crises and inflation running above 50% annually erodes the value of their savings. The country is among the world’s top 10 ...