With a government that promotes financial deregulation and More than 7 million people operating with crypts through Fintechs in Argentinathe question is whether this case will serve as a catalyst for more people and companies to adopt this modality as an alternative to the traditional financial system.
Banks vs. Wallets Among both actors in the financial universe, the bid would seem to be about who progresses faster in the crypto era. The Argentine financial industry is at a turning point. While the crypto ecosystem advances with increasing adoption, traditional banks and financial entities still discuss their entry to the sector.
Currently, there are about 30 million active virtual wallets in Argentina, and 6 out of 10 people choose them for their accessibility, according to data from the Fintech Argentina Chamber. In addition, 7 million Argentines already operate with cryptocurrencies through platforms such as N1U, Lemon, Belo and Buenbit, while banks still show caution.
However, entities such as Galicia and BBVA already ventured into the sale of cryptoactives, but with logical normative restrictions. In parallel, Fintechs such as Ulá and Mercado Pagadapting to the growing demand of the market.
Leo ElduayenCEO of Koibanxleading company that for 10 years has provides transactional software on blockchain for the financial sector of Latin America, highlights that, beyond the political situation, the transformation of the financial system is inevitable. “Already We see entities in the region that have tokenized assets in their balance and integrate blockchain and crypt in their product wallets And Argentina seeks to be the spearhead to implement these tools in order to speed up the economy, ”he says. The key, in his opinion, will be how the regulatory framework in this new scenario is reconfigured.
The data seems to support this trend. According to ChainysisArgentina is located in the Top 15 of the countries with the greatest crypto adoption. With persistent inflation and exchange restrictions, cryptocurrencies continue to consolidate as a value reserve alternative.
Milei, crypto regulation and an uncertain scenario. The Government of Javier Milei opted for financial deregulation, which in theory could benefit the crypto ecosystem. The recent flexibility of the exchange rate and the proposals for digitalization of the weight opened the debate on new integrations between the banking system and digital assets.
However, with the $ Libra scandal dominating part of the agenda, the unknown is whether this political crisis will generate a brake on the deregulation agenda or serve as a boost to accelerate crypto adoption.
In this context, Alycs (liquidation and compensation agents) are also exploring the possibility of including crypt in their operations. With the appropriate regulations, Argentina could take the first step towards a hybrid financial system where traditional money and digital assets live together.
Alejandro Tejero VacasHead of communication of the Argentine Chamber Fintech, It highlights Argentina’s relevance on the regional crypto map: “In 2024, US $ 91,100 million in crypto were transferred in the country, more than Brazil, which has our population five times: we are at the forefront of a technology that is synonymous with the future.” That is why he believes that, If we continue promoting a joint agenda between the public and industry sector, Argentina has a good opportunity to position itself as a crypto leader In Latin America.
Homework. If banks want to stay competitive in this new financial ecosystem, they must take concrete measures to integrate crypto safely and efficiently. In this sense, it is essential to meet certain technical, normative and market requirements:
Technological infrastructure: Integration of blockchain systems with the current banking systems to guarantee the traceability and safety of transactions. Companies such as Koibanx, already work in tokenization solutions for banks in the region, as is the case of Banco Macro, together with who has been developing technological innovations aimed at optimizing operational management and automating internal processes, thus raising transparency and efficiency standards in the financial sector. Several experts in the field highlight that these initiatives represent a decisive step in the modernization of banking services, reaffirming the company’s commitment to the digital transformation of the industry.
Regulatory compliance: Adaptation to local and international regulations regarding money laundering prevention (AML) and terrorism financing (CFT). Recently, the CNV issued new regulations for liquidation and compensation agents (Alycs) that seek to participate in the crypto market.
Financial Education: Train internal equipment and customers about the safe use of cryptocurrencies and their potential as an investment and transaction vehicle.
With an increasingly consolidated Fintech community, an expanding blockchain infrastructure and a deregulation policy that could continue, 2025 could mark the break point in the relationship between banking and the crypto ecosystem in Argentina.
By Marcelo Alfano
