The Argentine bank Ualá will stop operating in the cryptocurrency market, requiring customers to surrender their holdings, according to Revista Enterate.
Argentine Bank Ualá will Discontinue its Cryptocurrency Operations
There are currently 300,000 users of Ualá who are required to sell their cryptocurrency within 30 days because considering that the Central Bank of Argentina urged last week that consumers on the market for digital assets not be helped. Ualá will compensate them for such a sale with a 5% commission paid in pesos at a rate equivalent to the MEP dollar.
About the Decision
The decision of the fintech founded by Pierpaolo Barbieri was primarily influenced by 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.”
Despite the fact that the market’s cryptocurrency wallets had not changed their services, Ualá was forced to stop selling the two cryptocurrencies that it allowed users to buy and store: Bitcoin and Ethereum.
“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.”
A Source Inside The Company
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