RATE Group | Bitcoin Trading Spikes as Argentina Bans Buying More Than $200 a Month
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Bitcoin Trading Spikes as Argentina Bans Buying More Than $200 a Month

28 Oct Bitcoin Trading Spikes as Argentina Bans Buying More Than $200 a Month

Posted at 13:09h in Bitcoin News by

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Argentina is back on the radar for Bitcoin (BTC) proponents after sudden capital controls cut U.S. dollar purchasing power by 98%.

Central bank: $200 limit “temporary”

As news outlets reported, including Cointelegraph Brasil on Oct. 28, the country’s central bank has opted to reduce the amount of dollars a saver can purchase each month from $10,000 to just $200. 

A drop of 98%, the stringent new rules appeared on Sunday, the day voters elected a new president. The previous $10,000 limit itself came into being as a result of capital controls in September. 

Argentina has seen the value of its fiat currency, the Argentine peso (ARS), fall dramatically this year, with annual inflation exceeding 50%. 

In a statement, the Central Bank of Argentina (BCRA) said the reduced dollar access would last for two months. 

“Given the current degree of uncertainty, the Board of Directors of the BCRA decided to take a series of measures this Sunday that seek to preserve the reserves of the…

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