Ualá suspends operations with cryptocurrencies due to new BCRA regulation

Ualá suspends operations with cryptocurrencies due to new BCRA regulation

The decision comes a week after the communication from the monetary authority. The company determined a term for the liquidation of the crypto assets.


oula announced the suspension of cryptocurrency operations on your platform. The decision arises from a measure of the central bank of the Argentine Republic (BCRA) which determined that the fintech that are not regulated could not carry out operations with digital assets.

Within this framework, the company communicated with its customers: “We are writing to tell you that given the Communication “A” 7759 of the Central Bank of the Argentine Republic (BCRA) that suspends the purchase and sale of crypto through Payment Service Providers that offer Payment Accounts (PSPCP) we are forced to suspend the possibility of trading crypto“.


Besides, oula warned its users about the period within which they should liquidate their crypto assets: “We ask you to sell your crypto before the June 11, 2023“, they pointed out. They also clarified that the people affected by this situation will receive a 5% liquidated amount, as compensation. Said amount will be reflected in the payment account of the app itself. oula.

The new regulations of the Central Bank

The norm determined that the fintech or payment service providers that offer payment accounts (PSPCP) They will not be able to carry out or provide their clients with the operations with digital assetsincluding the crypto assetsthat are not regulated by the competent national authority and authorized by the BCRA.

BCRA Central Bank

Ignacio Petunchi

The measure ordered by the monetary authority, as detailed, “seeks mitigate risks that operations with these assets could generate for users of financial services and for the national payment system”. In this way, they were equated the rules who must meet the PSPCP and the financial entities since the latter already had a restriction of the same tenor since May 2022, disseminated through the Communication A 7506.

Source: Ambito

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