Argentine banks seem open to the idea of providing cryptocurrency purchase and investment options. Reports show two banks collaborating with foreign crypto platforms to deliver these options flawlessly. However, reports indicate that there might be several limitations for people who want to sell assets. In other words, there might be a few issues to deal with for persons involved with cryptocurrency trading contracts.
Leading the way
The leading bank in the country called, Banco Galicia, has indicated its willingness to support Cryptocurrency investments. It intends to work closely with clients to enable them to maneuver easily in making investments in Bitcoin and other cryptocurrencies. Another bank that has been at the frontline in supporting cryptocurrency investments is Brubank. This bank undertakes most of its operations online, and it is now official that it will start supporting other cryptocurrencies.
Banco Galicia home banking roles out the cryptocurrency-related services with the other major bank and hopes interested persons will take advantage of their services. It introduced the “Crypto” option, which people can find under the “Investments” section. Clients can also check out other investments on the menu. The investments include “CEDEAR Stock Bonds,” “Fixed Term,” “Primary Tenders,” and “FIMA Funds.”
Clients have a wide range to choose from in making cryptocurrency investments, and those include Ripple’s XRP, Bitcoin (BTC), USD Coin (USDC), and Ether (ETH). The notable point is that the digital currencies mentioned above are purchasable for anyone with Argentine pesos. However, the option is limited to persons with an investment of about ARS 100 ($0.50 USD).
Sales and withdrawals limitations
Investors must put up with several limitations linked to sales and withdrawals. A good example would be a case involving an investor who wishes to withdraw capital and profits in cryptocurrencies. Such an investor must conform to the directive, which is to maintain the same bank when he/she wants to offer them for sale.
The Banco Galicia investment contract has several conditions that investors must fulfill, and the directive mentioned above is one of them. Any user must sign to confirm that he/she is willing to be bound by the conditions before gaining the freedom to carry out operations.