Argentina’s Central Bank published new regulations to better control digital wallets

Since February 2022, the Central Bank of Argentina has been working on new regulations to have better control over all digital wallets in the country. This new legislation aims to prevent fraud reported by cryptographic tools.

The bank’s management has produced a new set of regulations to better understand what is happening with the funds in these wallets and improve your KYC measures.

As a result, the Central Bank of Argentina has just published the new set of rules for digital wallet operators in the country. Customers of companies like Uala, a popular wallet in Argentina, will now qualify as financial users, enjoying new protections similar to those offered by banks and other financial institutions.

It is not a question of prohibiting anything, but of applying the same rules that banks have to comply with today in relation to the knowledge of their customers,” the bank said in February.

In addition, the Central Bank of Argentina has announced that it is implementing these new rules because there is a lot of fraud and some companies do not take care to inform customers. Not all portfolios work in the same way, so the rules will have to be applied on a case-by-case basis, bank officials said.

What does this new regulations mean?

It means that :

• entities will have to appoint customer support representatives and resolve common problems within 10 days.
• Digital holding companies will have to adapt their terms of service and conditions to meet the central bank’s requirements for financial contracts.
• companies will have to provide users with a simple way to revoke services already accepted by these products, as well as easily close their accounts with these companies, a common problem cited by users.