Strategic shift in Buenos Aires. The Central Bank of Argentina (BCRA) is preparing a regulatory framework that would allow commercial banks to offer their clients crypto-related services, potentially starting in April 2026, according to La Nación. This marks a clear break from the ban imposed just two years ago.
End of banking ban, acceleration under Milei
Since 2023, the rise to power of Javier Milei has signaled a bold pro-crypto turn, up to the failed and aborted promotion of the memecoin LIBRA. The old doctrine, which strictly prohibited banks from facilitating crypto operations for their clients, is now a thing of the past. The BCRA is studying a system that would allow custody, purchase, and sale of crypto assets directly from bank accounts.
The goal is twofold: modernize the financial infrastructure and support an already massive adoption in the population. For a country strangled by hyperinflation and extremely strict capital controls, crypto, especially stablecoins, represents a lifeline.
A crypto adoption driven by stablecoins
Argentina has been a leader in global crypto adoption for years. According to Chainalysis, it has around 10 million active users and recorded $91 billion in onchain flows between July 2023 and June 2024, making it the most dynamic crypto market in Latin America.
More revealing: over 60% of transactions involve stablecoins, used by households as a parallel dollarization tool to protect themselves from the chronic devaluation of the peso. In a country where triple-digit inflation has become the norm, direct banking access to these instruments could transform the daily economy.
A region in regulatory reconfiguration
With this reform, Argentina would join Brazil, a regional pioneer that already allows banks to offer a full range of crypto services. Panama is permissive but has not yet structured a supervised framework. El Salvador, despite being the first country to adopt bitcoin as legal tender in 2021, only recently allowed banking access and only for wealthy investors.
By normalizing access to crypto in the traditional banking system, Buenos Aires could further accelerate the migration of Argentine savings to digital assets perceived as more stable than the local currency.
A reform with profound repercussions
If the expected framework in April 2026 materializes, banks will become an official channel for a practice already widespread in the country. For Argentines, this means fewer frictions, fewer informal intermediaries, and better regulatory protection. For the Milei government, it is another step towards financial liberalization where stablecoins and crypto will play a central role.
In a country where distrust of the peso is palpable every day, integrating crypto into the banking sector is no longer a disruptive issue. It is a natural evolution in the most crypto-native economy on the continent.
