Share this article
Argentine Congress Approves IMF Debt Deal That Would Discourage Crypto Usage
The $45 billion loan was approved by the Senate on Thursday night, one week after the Chamber of Deputies passed it.
Updated May 11, 2023, 5:08 p.m. Published Mar 18, 2022, 6:22 a.m.
The Argentine Senate on Thursday night approved a debt deal of $45 billion with the International Monetary Fund (IMF) linked to an agreement that includes a provision discouraging the use of cryptocurrencies.
The debt deal, also approved by the Chamber of Deputies on March 11, will serve to restructure a $57 billion program the country received in 2018.
STORY CONTINUES BELOW
For its part, the cryptocurrency provision was included in a letter of intent signed by Argentina and the IMF on March 3, which now needs to be approved by the IMF board.
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.
More For You
What to know:
- 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.
More For You
Crypto CEOs Join U.S. CFTC's Innovation Council to Steer Market Developments
The chief executives of firms such as Gemini and Kraken will pitch in on U.S. policy efforts through the council's future, public discussions.
What to know:
- In her final days atop the agency, Commodity Futures Trading Commission Acting Chairman Caroline Pham announced her CEO Innovation Council, replete with crypto executives.
- The names include the chief executives from Gemini, Kraken, Polymarket, Bitnomial and several others.
- The CFTC is expected to get its permanent chairman very soon when the Senate votes on the confirmation of Mike Selig, President Donald Trump's nominee.
Top Stories
