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Central Bank Of Argentina Issues New Compliance Rules For Digital Wallets

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Central Bank Of Argentina Issues New Compliance Rules For Digital Wallets

The Central Bank of Argentina has issued a new set of rules for operators of digital wallets in the country. Customers of companies like Uala, a wallet popular in Argentina, will now be qualified as financial users, having new protections similar to those offered by banks and other financial institutions.

Central Bank of Argentina Strengthens Digital Wallet Supervision

The rise of digital money and crypto in Argentina is causing regulators to pay attention. The Central Bank of Argentina recently issued a set of rules to heighten the level of protection users of popular digital wallets in the country receive. Customers of Uala and other digital wallet providers will now have to be treated as financial users, having protections close to those offered to bank users.

This means that these entities will have to name customer support representatives and solve common problems in less than ten days. Also, the digital wallet companies will have to adapt their terms of service and conditions to fulfill requirements of the central bank regarding financial contracts.

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In the same way, the companies will have to provide an easy way for users to revoke services already accepted by these products, and also to close their accounts with these companies in an easy way, a common issue cited by users.

Compliance and Sanctions

While big players in the business like Mercado Pago and other large wallets already comply with these measures, this will likely drive compliance costs higher for small wallet providers, who will now have to deliver compliance reports signed by professionals of the Economic Science college.

According to Tavarone, Rovelli, Salim & Miani, a national law firm, the application of these rules will vary depending on several factors. It stated:

[The plans] will be prepared following the model that is established in due time and must verify compliance with the regulations issued by the Central Bank of Argentina that are applicable according to the type of payment service provider in question.

Another new requirement has to do with accessibility, and how these companies need to change the structure of their services to accommodate users with visual or hearing impairments. This might include a redesign of apps that can mean elevated compliance costs.

The digital wallet companies will have a period of 180 days to make the required adjustments to comply with the new requirements, and the Central Bank of Argentina will have the option of establishing sanctions in cases of non-compliance.

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What do you think about the new rules that digital wallet companies will have to follow in Argentina? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, BearFotos / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Argentine Oil Subsidiary YPF Luz Powering Bitcoin Mining Activities With Residual Gas

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Argentine Oil Subsidiary YPF Luz Powering Bitcoin Mining Activities With Residual Gas

YPF Luz, a subsidiary of the Argentine state oil company YPF, is currently piloting a project to power bitcoin mining operations with residual gas. The initiative, which is currently being tested in Vaca Muerta, one of the biggest oil fields in the country, seeks to take advantage of this byproduct from the initial stages of oil well drilling.

Argentine Company YPF Luz Takes Bitcoin Mining to the Oil Wells

Cryptocurrency miners are always looking for new forms of getting cheap and convenient power sources to run mining operations. YPF Luz, a subsidiary of the state-owned YPF in Argentina, is running a pilot project to take advantage of flare or residual gas to power bitcoin mining operations. This project, which has been running for three months in Vaca Muerta, a large oil field in the country, seeks to take advantage of this gas, which would be otherwise be burned.

The gas in these oil fields cannot be taken to other sites to be used, so the only way is to bring interested parties to the zone. YPF Luz already has a series of customers that pay for this kind of power, which is being produced on-site with generators installed during the oil well drilling phase.

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Martin Mandarano, CEO of YPF Luz, stated:

This first pilot, which is already operating, operates with 1 [megawatt] of generation and a second project is being developed simultaneously to start operating before the end of the year, with about 8 MW, in the Bajo del Toro area.

Customers and Modus Operandi

Mandarano also referred to the relationship the company has with these customers, and how they pay for this generated power. The payment varies, and is sometimes tied to the price of the asset mined on international markets, and sometimes the price is fixed by the company. However, he did not specify the conditions in which a company would pay in one way or the other.

Given the nature of the operations, the equipment must be moved to new locations when the drilling of the well in which the generator is installed is finished. However, this is no problem, because the equipment is designed to be portable and modular to be able to be carried to other locations quickly.

Mandarano clarified that this new focus is part of an atypical solution to the power problem. He stated:

We are taking the demand to where the supply is, in this case in Vaca Muerta, when normally the supply is elsewhere, hundreds or thousands of kilometers away, for which it is necessary to build transmission, which is precisely one of the infrastructure problems.

Other big mining companies have already established a presence in Argentina, like Bitfarms, which recently started operations in a facility located in Rio Cuarto.

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What do you think about YPF Luz’s onsite energy generation plans for Bitcoin mining? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Argentina

Digital Neobank Nubank Reaches 70 Million Customers In Latam; Almost 2 Million Have Purchased Crypto

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Digital Neobank Nubank Reaches 70 Million Customers In Latam; Almost 2 Million Have Purchased Crypto

Nubank, a Brazil-based digital bank, has announced a new milestone in its operations. The company announced that it has reached 70 million customers in Latam, making it one of the biggest financial institutions of its kind in Brazil. The company also announced that almost 2 million of its customers are cryptocurrency investors.

Nubank Reaches 70 Million Customers; Crypto Customers Reach 1.8 Million

Latam has become fertile ground for companies providing alternative finance and cryptocurrency-based services, due to its unique set of circumstances. Nubank, a Brazil-based digital neobank, has recently reached a milestone in the region, announcing it now serves 70 million customers. Most of these customers, as expected, are based in Brazil. However, the neobank has also managed to get into other markets, such as Mexico, where the company has 3.2 million customers, and Colombia, with 400,000 customers.

The products of the company that have experienced the most significant growth include Money Boxes, which are investment and planning options that have registered more than 1.7 million users as investors. Another area that has powered the growth of Nubank is its cryptocurrency division, which allows customers to purchase, hold, and sell digital assets from the same app. According to a press release, more than 1.8 million customers have already made at least one cryptocurrency purchase using Nubank’s app.

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About the growth of the company and the services offered, David Velez, CEO and founder of Nubank, stated:

Our accelerated growth is driven by an ongoing search for efficiency, which balances expansion, new products, and increased revenue per customer. Nubank is a project for the next decades and we remain firm in our purpose of freeing all people from any complexity in financial services in Brazil, Mexico, and Colombia.

Crypto Market Thrives in Brazil

The company opened its cryptocurrency trading services for more than 54 million customers in Brazil in June, also holding bitcoin as part of its balance sheet. This announcement opened the floodgates for more companies in Brazil to follow in Nubank’s footsteps and also enter the cryptocurrency services market.

One of the biggest rivals of the company is Mercado Libre, an e-tailer company that started offering crypto services last year, and that recently issued its own cryptocurrency, called Mercadocoin. Other companies have also followed suit, including Rico, a financial brokerage platform that aims to offer cryptocurrency services for 2023, and Picpay, a payments platform that plans to roll out its own Brazilian real-based stablecoin.

Even traditional banks like Santander have announced they will include cryptocurrency in their service portfolio in the coming months. However, crypto is still not regulated in the country, as the national cryptocurrency bill has failed to be discussed by the Brazilian Congress due to election-related matters.

Tags in this story

Argentina, Brazil, Cryptocurrency, digital neobank, growth, latam, mercado libre, nubank, picpay, RICO, Santander

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What do you think about the crypto-powered growth of Nubank in Brazil? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Tada Images / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Cryptocurrency Exchange Bitso Launches Interoperable QR Payments In Argentina

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Cryptocurrency Exchange Bitso Launches Interoperable QR Payments In Argentina

Bitso, a Mexico-based, Latam-focused cryptocurrency exchange, has launched an initiative that aims to allow Argentines to use crypto for their everyday purchases. The exchange is introducing QR payments directly in its app, which will be interoperable with other platforms already using this method of payment in Argentina.

Bitso Seeking to Drive Crypto Payments in Argentina

Bitso, one of the biggest exchanges in Latam, with more than 5 million customers, is extending its focus on payments in Argentina. The exchange has launched one of the first interoperable QR payment systems of its kind in the country, hoping to attract more Argentines to use crypto as payment.

Argentine customers of the exchange will be able to use their balances of Argentine pesos, stablecoins, bitcoin, or ether to pay at any of the merchants that have QR code payments activated. Depending on the currency, Bitso will manage exchange rates to exchange these cryptocurrencies and deliver Argentine pesos to the merchant.

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Bitso aims to expand this initiative to other countries, but Argentina was selected as the first due to its very high level of adoption of QR payments. According to the company, 59% of Argentines have used QR payments in the last year, compared to 34% in Latam. For Argentina, these numbers are expected to reach more than 80% next year.

Combining Savings With Payments

Argentina is currently battling the adverse effects of high inflation levels in its economy. The country registered a Consumer Price Index (CPI) of almost 80% in August, one of the highest in the region. Projections estimate that the CPI will exceed the 100% mark in December.

Also, the devaluation of the national fiat currency as a result of political turmoil has led Argentines to take refuge in stablecoins. However, Bitso wants Argentines to combine the savings utility of crypto with its payments capabilities to facilitate use and avoid manual exchange when paying.

Santiago Alvarado, senior vice president of product at Bitso, stated:

This is an especially important product offering for Argentina as it provides users protection from the adverse economic factors such as inflation and currency devaluation. In addition to increasing financial opportunities for users, Bitso is fulfilling its mission to make crypto useful.

The product will be activated gradually for all Argentine customers starting September 27.

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What do you think about the launch of interoperable QR payments by Bitso in Argentina? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons, Wirestock Creators / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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