Argentina: International Payments Blocked For Gambling And Purchase Of Cryptocurrency

Argentina: International Payments Blocked For Gambling And Purchase Of Cryptocurrency

Argentina’s central bank has banned international payments for specific purposes including gambling and purchase of cryptocurrencies.

For Argentinians traveling abroad, purchasing cryptocurrencies or participating in gambling activities could be difficult. The country’s Central Bank of the Argentine Republic (BCRA) issued a notice of new currency controls which calls for limiting credit, debit or prepaid card used for specific purposes while traveling abroad. The restricted activities include “participation in gambling and betting of different types.”

Following the announcement, financial institutions in the country and credit card operators must receive the BCRA’s prior approval to access the foreign exchange market to make payments abroad. The Central Bank has also introduced a new US$50 limit on cash advances for Argentinians who are traveling abroad.

Last month, Buenos Aires provincial government scrapped the tax on casino winnings. María Eugenia Vidal, Governor of the Province of Buenos Aires decided to not tax the winnings generated in December 2018 following an arrangement between gambling operators and trade workers.

The tax on winnings was introduced to fund the social welfare programs in the state. At that time, it was estimated that the tax on casino winnings would generate about 6,000 million pesos (USD 105 K) in tax revenue.

Earlier in the year in March, Governor María Eugenia Vidal signed the regulatory decree making online sports betting legal in Buenos Aires Province, the capital of Argentina.

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