Strong rejection of fintech to the new BCRA regulations on virtual wallets

Strong rejection of fintech to the new BCRA regulations on virtual wallets
August 25, 2023 – 16:43

From the Argentine Fintech Chamber they rejected the decision communicated on Thursday by the Central Bank of the Argentine Republic on the operation of virtual wallets.

As determined by the Central Bank on Thursday, payment service providers that offer payment accounts (known as virtual wallets) they will be obliged to transfer to their clients the totality of the profitability that they receive for the balances in pesos. as he learned Ambitin official offices it is believed that some fintech are carrying out financial intermediation, which implies obtaining returns from accounts in which clients decided not to invest their capital.

Communication “A” 7825 on user funds did not have any type of consultation with the Fintech sector. Since our foundation, we maintain -and we will continue to maintain that the best way to build regulatory frameworks is through public-private collaboration”, they explained from the Argentine Fintech Chamber, adding that “in other areas of dialogue with the Central Bank it has become clear that all the actors of the financial system can work together in order to offer more and better services to Argentines”.

“The measure in question, in addition to ‘unlevel the field’is not consistent with a genuine vocation on the part of the regulator to digitize our economy, since it implies an abrupt change in rules that discourages innovation and the creation of new Fintech companies,” they explained.

“ANDWe hope that the BCRA will review this measure and continue working together with the Fintech sector in the face of the economic challenges facing Argentina. We want to be part of that solution and we are convinced that we have the ability to continue helping people manage their finances in a better way thanks to technology,” they closed.

Source: Ambito

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