In this context, card issuers are ready to activate the system, since they have the technology ready since September 2023. All that remains is the publication of the resolution to launch this initiative that promises to expand payment options for users. consumers.
According to the information that was collected, in the first instance the Debit operation will be enabled. It is also ready to extend Credit and Prepaid, according to a station, but changes are still required in the current regulatory framework.
The implementation includes the updating of current regulations, including the 2002 resolution of the Secretary of Commerce, which establishes the obligation to show prices in pesos as main characters and in dollars as secondary characters. With this modification, prices can be displayed in both currencies with equal hierarchy.
Likewise, debit cards that operate in dollars must be linked to accounts denominated in that currency. CERA accounts, designed specifically for money laundering, will be excluded from this payment system, which will force users to transfer funds from these accounts to savings banks in traditional dollars
Payment in dollars with a debit card: the path to the long-awaited resolution
From the ruling party, they have begun to promote coin competition, partly due to the shortage of pesos, which hinders the liquidity of companies. Given this panorama, the Government seeks to promote partial dollarization of daily operations. Furthermore, the appreciation of the peso against the dollar could generate economic problems, which reinforced this strategy.
Accounts were enabled in both pesos and dollars, and banks have intensified their efforts to encourage growth in foreign currency credit. In the future, there is the possibility of allowing the payment of taxes in foreign currency, although at the moment this measure seems distant.
The path to this transformation included several key stages. In August, the Minister of Economy, Luis Caputo, announced in a streaming from the Ministry of Economy that the Government was working to allow dollars deposited in wax beads, coming from laundering, could be used directly for the purchase of goods without the need to convert them to pesos, using debit cards. However, there is already a regulation that allows payments in dollars through transfers between savings banks in dollars, both from laundering accounts and regular accounts.
In that same instance, Caputo announced a second fundamental step for bimonetarization: enable businesses to invoice in dollars. The third key advance was the approval by the Central Bank of the regulations for companies to issue debit cards, which allow the use of dollars in the country. Since then, the main stations have been working on its development.
“It is important to clarify that in this system there will be no exchange operations. To pay in dollars, it will be necessary to have dollars deposited in a bank account and use those funds directly“said a source from the Central Bank.
Source: Ambito
