Share this article
Argentine Senate to Vote on IMF Agreement Discouraging Use of Cryptocurrencies
The letter of intent was signed by both parties on March 3 and already approved by the Chamber of Deputies.
Updated May 11, 2023, 6:15 p.m. Published Mar 18, 2022, 12:17 a.m.
The Argentine Senate will be voting on a letter of intent the country struck earlier this month with the International Monetary Fund (IMF) that includes a provision discouraging the use of cryptocurrencies.
The agreement would restructure a $45 billion loan the country received in 2018.
STORY CONTINUES BELOW
The cryptocurrency provision is part of a Technical Memorandum of Understanding (TMU) signed by Argentina and the IMF on March 3.
The agreement was already approved by the Chamber of Deputies, lower house of the Argentine National Congress, on March 11 and was scheduled to be discussed late Thursday by the Senate for final approval.
The provision, entitled “Strengthening financial resilience,” says: “To further safeguard financial stability, we are taking important steps to discourage the use of cryptocurrencies with a view to preventing money laundering, informality and disintermediation.”
The letter of intent also describes that “while commercial banks remain liquid and well-capitalized, strong bank oversight will continue, especially following the unwinding of pandemic-related regulatory forbearance.”
Argentina also plans to continue its payment digitalization process “to improve the efficiency and costs of payments systems and cash management,” according to the letter-of-intent.
The Latin American country, which recorded year-on-year inflation of 52.3% in February, has become one of South America’s the leading crypto hubs in the region. Stablecoins purchases increased sixfold in 2020, according to information provided by local exchanges.
Más para ti
Lo que debes saber:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Más para ti
Crypto's closest ally in Congress, Sen. Lummis, is retiring next year
The most tireless advocate of digital assets issues in the U.S. Senate said she's grown too tired to keep at it, leaving her Republican seat in play next year.
Lo que debes saber:
- U.S. Senator Cynthia Lummis, a dedicated friend to crypto causes, has decided to exit the Senate after her first term.
- Lummis said in a statement that she doesn't have another six years in the tank, but she intends to deliver major legislation to President Donald Trump's desk next year.
Top Stories
