The inspection covers nine fintech companies that make deposits that are converted into crypto assets, in particular cryptocurrencies, which are then applied to both investment and consumer financing, offering a return.
The monetary authority assured that “if the investigations determine indications of financial intermediation without authorization, the BCRA will make the corresponding criminal complaints in the terms of article 310 of the Penal Code.”
It should be remembered that in May, e l Central Bank and the National Securities Commission warned about the risks of operating with cryptocurrencies and they pointed out that they are not legal tender since there is no central bank that issues them.
The entities argued that “crypto assets can be defined as a digital representation of value or rights that are transferred and stored electronically using Distributed Ledger Technology (DLT) or other similar technology. Although these technologies could help promote increased financial efficiency and innovation, crypto assets are not legal tender. “
Among the precautions to take into account, the high volatility of prices, exposure to cyber attacks, lack of transparency, possible links with money laundering and the cross-border nature of operations stood out.