Argentina's bank supervisor defers crypto in banks to a possible second Milei term

The report from news.bitcoin.com puts the hold at two years ^[1], a longer horizon than the quotation it carries. Leaving the stage, Curutchet said: "You didn't ask me about the dollar or crypto. That's fine, because nothing is going to happen this year. But I do see it as a possibility during a second Milei presidency." ^[3] His words cover this year and point to a second term. The report does not say what he expects in between. If the draft in the leaks exists ^[11], that interval is where it would have to appear.

The BCRA's 2022 ban bars financial institutions from offering crypto services ^[4]. The outlet says lifting it depends on the state of the economy before an upcoming presidential election ^[4]. Curutchet set out the condition himself. "Today we have a level of fragility that does not allow us to advance as much. But I think there is a pending agenda for later," he said ^[5]. Integration into the banks waits until the prohibition lifts ^[8], and the central bank has also ruled out crypto in payment providers for now ^[1].

Argentina became Latin America's second-largest crypto hub with the ban in force, according to Chainalysis ^[9]. The $88.5 billion in crypto value it received over the 12 months to June 30 works out to about $7.4 billion a month ^[10]. Under the 2022 rule, no licensed bank can offer a crypto service on any of that flow ^[4]. On this evidence, the separate-company requirement is a problem for banks and payment providers.

A second Milei term with lower perceived fragility would open Curutchet's "pending agenda for later" ^[3][5]. The leaked draft, if real, could surface after this year ^[11]. Without a second term, the one opening he named goes with it ^[3]. We'd expect banks to keep building in separate companies through the election ^[6], because his opening needs a second presidency and a fall in fragility ^[3][5]. The regulator controls neither. The counter-case is the leak: bank sources described an actual draft ^[11], and an offhand comment Curutchet made as he left the stage does not bind the BCRA. A published BCRA text relaxing the 2022 ban before the election would prove us wrong ^[4].