Sunday, July 3

The Argentine Chamber of Fintech expressed disagreement over a measure by the Central Bank of the Argentine Republic on a 100% reserve By CoinTelegraph

© Reuters. The Argentine Chamber of Fintech expressed disagreement over a measure of the Central Bank of the Argentine Republic on a 100% reserve requirement

The Argentine Chamber of Fintech expressed through a statement, its extreme concern and disagreement over the decision of the Central Bank of the Argentine Republic (BCRA) yesterday, considering it “untimely”, since it implies ordering a 100% reserve on sight accounts in banks, in which fintech regulated as Payment Service Providers (PSP) must compulsorily deposit their clients’ funds.

According to the Argentine Chamber, this measure will seriously affect a sector that has been chosen by millions of users, due to its simple and diversified offer of services, and at the same time it will impact on many companies -most of them MSMEs- and consequently on the creation of jobs. working in a sector that has been one of the main engines of employment in the country, and that projected 10,000 new positions for next year. The organization commented that it was not possible to notice the technical basis of the BCRA measure and they believed that it will also directly affect the gratuity in the granting and maintenance of accounts, in the issuance and replacement of cards, in the incoming and outgoing transfers, and many other services offered by the companies in question.

“Until today, the funds in payment accounts were always available to users, fully deposited in sight accounts at local banks. This implies that they had and have all the security and transparency offered by the Argentine financial system. This measure does not make them safer or more transparent, and implies breaking with a dynamic that has worked perfectly to date. ”, Argued the Argentinean Chamber.

Read the full article on Cointelegraph

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