In an effort to facilitate dollar transactions and move towards currency competition, fintechs have proposed moving forward with an initiative that would increase the use of the platforms.
He Central Bank and fintech They begin to speak timidly to move forward in facilitating the dollar transactions and move towards a currency competition. One of the initiatives involves fintechs so that they can offer their clients the option of open and operate a dollar account.
Since the beginning of this year, the Digital wallets and the Central Bank (BCRA) They began to debate a regulation so that The Uniform Virtual Key (CVU) can also be established in dollars. The goal is for it to work in the same way as CVUs in pesos do today, and equals the CBU (Uniform Banking Code) of the accounts in dollars from banks. In other words, this would allow people to save in hard currency through the app, transfer that money to a third party or make payments. Despite the great progress that this alternative would represent, there is still no planned release date.
Currently, if a person decides to buy MEP dollars through a fintech, the dollars received are transferred directly to the dollar bank account in the name of the same holder.
Growth of CBU and CVU
An important fact about the reason for promoting this initiative has to do with incorporating more users into the ecosystem. During the first four months of 2024, almost 12 million accounts were opened in the Argentine financial system, adding those that were located in banks (with CBU) and those that operate in virtual wallets (CVU). An important fact is that 84% of these new accounts were opened by people under 30 years of age.
According to the study, there are 38,327,192 Argentines with a CBU in their name and 27,544,828 with a virtual account (CVU). In this regard, in the first four months of the year the number of people with a bank account grew by 0.5% and wallet users grew by 7%. On average, there are 3.5 bank accounts and 2 CVU accounts per person.
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As in the case of the dual currency debit cardanother initiative that is in the pipeline and that does not require regulation, CVU accounts in dollars could help spend the dollars that are currently in cash outside the system. This objective is positive. Add the missing currencies to the system and at the same time pushes the reactivation of the real economy.
Source: Ambito
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