BCRA issues measures to promote “currency competition”

This Thursday, the Central Bank of the Argentine Republic (BCRA) announced a series of measures to promote currency competition in the economy. These regulations seek to ensure that people and businesses can use the currency they want in their daily transactions.

According to the BCRA, the initiatives seek to equalize the efficiency of the different payment methods, both in pesos and dollars. This, “invigorating the use of payment instruments in dollars for commercial operations in the local market.”

Among the measures is allowing businesses to accept payments in dollars through debit cards. For this, the BCRA established that the acquirers and sub-acquirers develop and make available the necessary tools so that this happens before February 28. Acquirers and subacquirers are the companies that mediate between the merchant and customers to process payments.

In addition, it was agreed to incorporate debit card payments in pesos and dollars into the interoperable QR system. This expands the options “that already included interoperability for payments by transfer, credit card and prepaid cards,” says the monetary entity.

According to the BCRA, this measure expands the possibilities and improves the experience of customers and businesses, who will be able to make and receive payments with any device that they have linked to their digital wallets, simply by scanning any QR code.

On the other hand, the BCRA created a new variant of recurring DEBIN (Immediate Debit), called “Programmed DEBIN”. This allows account holders to pay for purchases of goods or services in fixed installments in pesos or dollars with a single authorization.

As announced, this instrument includes additional security measures to prevent fraud and avoid its use in games of chance.

The bank says that the entities involved will have until February 28 to implement the scheduled DEBIN. In addition, the incorporation of the interoperable QR for debit card payments, both in dollars and pesos, It must be operational before April 1, according to the entity.

The issue of currency competition was one of Javier Milei’s main flags at the beginning of his government, highlighting the possibility of using bitcoin, cryptocurrencies and other assets to pay for goods and services on Argentine soil.

Milei promised in December 2024 that free currency competition “will arrive in Argentina” this year, in which it will also lower taxes and will advance the process of closing the central bankas reported by NoticiasVE.

In his speech, Milei said, regarding currency competition, that Argentines “will be able to use the currencies they want in their daily transactions with complete freedom,” and that now, “each Argentine can sell, buy or invoice in dollars or in the currency they consider, except for the payment of taxes which, for now, will continue to be in pesos.”

These measures represent a significant step towards greater flexibility and choice in the use of currencies in Argentina, reflecting the principles of free market and competition. that the Milei government has promoted since coming to power.