Electronic fixed term: the BCRA postponed the entry into force, until when?

He Central Bank (BCRA) postponed for the second time this Thursday the entry into force of the electronic fixed terma tool that it created in February of this year in order to “increase the functionalities of deposits and term investments constituted through home banking and mobile banking.”

As provided by the monetary regulator through Communication “A” 7871, the implementation of the Electronic Certificate for Term Deposits and Investments (CEDIP) created through “A” 7672, was deferred for 75 calendar days, so It will only come into effect on January 9, 2024..

It is the second time that the Central Bank has postponed the implementation of the digital fixed term, which was initially scheduled to start on July 1 of this yearbut Communication “A” 7800 postponed that date for 120 calendar days, which expire this Friday, October 27 and, given the electoral context and the complexity for the implementation that the banks allege, it was decided to postpone it once again for the year next.

Electronic fixed term: the reasons why it is postponed

And it is that an electoral context as complex and uncertain as the current one This decision is warranted given that the arrival of a new government can completely change the rules of the game for banks, especially on this occasion, in which one of the candidates proposes radical changes in the functioning of the local economy, such as a dollarization program and even the dissolution of the BCRA.

Thus, the implementation of the CEDIP will remain pending for the next administration, placements in pesos (including those expressed in UVA) or in dollars that can be transferred electronically in an easy and simple way and, in addition, offer the possibility of being divided into placements of a lower amount. and compensated, which will allow its use as a means of payment and financing.

“It is a change of concept in the use made until now of the fixed term,” mentions a banking source Ambit. Let us remember that the BCRA rule provides that every placement achieved will have its corresponding CEDIP, which must be generated by the financial entity at the time of capturing the funds from the time deposit or investment.

What are the electronic fixed term and the CEDIP?

Once it actually comes into effect, the new functionalities will allow:

• Transmit ownership for the cancellation of obligations – commercial or between individuals; as well as for trading in securities markets, and/or for the primary offer.

• Through its fractionation, transmit amounts smaller than the original amount, maintaining the rest of the placement with the same conditions, thus allowing the holder to obtain liquidity for the amount they need.

• That upon maturity the funds are collected over the counter at the depositary entity or by crediting an account at a different financial institution.

In principle, it was planned that the CEDIP and the provisions that are part of the resolution that gave rise to it from the Central Bank would govern as of July 1, 2023 (with the exception of the fractionation functionalities, transmission for trading in the securities market and over-the-counter charging, which must be operational from November 1, 2023). Then, all those dates were postponed 120 calendar days until October 27 and, From today, they are postponed again for 75 days until January of next year, as stated.