Within the framework of the search for a currency competition system, the president of the Central Bank confirmed that work is being done on debit cards in dollars and they could be implemented before the end of the year.
Although an exact date has not yet been defined, the Central Bank (BCRA) confirmed that they are working on debit cards in dollars. The president of the entity, Santiago Bausilliassured that they are already in coordination with banks and card issuers to implement them as soon as possible.
Almost a month ago, the Central Bank issued Communication “A” 8106, in which it authorized the holders of the special asset regularization accounts (CERA) to request debit cards or other means of payment, including virtual wallets, to be able to spend the externalized funds. This advance is part of a broader strategy that aims to encourage competition between currencies in the countrya scheme that the Government seeks to implement in the medium term.
According to the president of the Central Bank, Santiago Bausili, the teams are working to make this option available as soon as possible. “We are coordinating and working with the cards, acquirers and banks to make them available as soon as possible. Normatively everything is ready, the implementation requires systems and security that are being developed,” the official said through his social networks.
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Debit card in dollars: what is the objective of the Central Bank
One of the key points is that for those who have accounts in dollars, the foreign currency expense will be made directly in that currency, without the need to convert the amount.
The provision It marks an important difference with the current system, where banks allow consumption in any currency; but these are converted to pesos at the time of payment. Some banks already offered the option of linking a debit card in pesos with a savings account in dollars for those traveling abroad, but The new measure seeks to optimize this process for CERA accounts.
The development of a specific plastic for these CERA beads It is one of the most complex aspects of implementation.
Currently, the systems needed to issue these cards are not yet fully developed, requiring time and technical adjustments. Furthermore, this regulation poses an additional challenge: For consumers to choose to spend in dollars, there must be businesses that offer prices in that currency that are more convenient than prices in pesos.
Source: Ambito
