Argentine Bank Ualá Will Suspend Its Crypto Business In The Next 30 Days

Key Points:

• 300,000 Ualá users who currently have cryptocurrencies stored in that digital wallet must sell them within 30 days.
• The bank will pay them a 5% commission on that sale, which will be paid in pesos at the same rate as the MEP dollar.
• It also must stop selling Bitcoin and Ethereum, two cryptocurrencies allowed to be bought and stored by November 2022

According to Revista Enterate, the Argentine electronic bank Ualá will cease its cryptocurrency operations, forcing consumers to surrender their holdings.

Ualá presently has 300,000 users who are compelled to sell their crypto within 30 days. Because the Central Bank of Argentina demanded last week that consumers in the digital asset market not be assisted.

For such a sale, Ualá will pay them a 5% fee in pesos at a rate comparable to the MEP dollar. The Central Bank regulation issued last week, which stated that virtual wallets or Payment Service Providers that Offer Payment Accounts (PSPCP) “may not carry out or assist their clients in carrying out operations with digital assets,” is the main person responsible for the decision of the fintech founded by Pierpaolo Barbieri.

Ualá had to discontinue selling Bitcoin and Ethereum, the two cryptocurrencies that it permitted users to purchase and store, despite the fact that the market’s cryptocurrency wallets had not modified their offerings.

According to sources inside the company:

“We are forced to suspend the possibility of operating crypto, which in any case was just one more option within our investment menu, which is very broad.”

Ualá’s application allegedly has 2 million users, with the option of investing in a Common Investment Fund (FCI), MEP Dollars, and CEDEARs, items that will continue to function normally.

In November, Ualá opened Bitcoin and Ethereum trading services. Withdrawals are not possible on the platform; only purchases and trades of cryptocurrencies are permitted. At that time, a 250 pesos minimum transaction is required.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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