Banco Galicia announced that it will return cryptocurrency to users after the ban by the central bank

Based on new Central Bank regulations banning banks from operating in cryptocurrency, Banco Galicia announced that it will fully return to Money invested in crypto assets, taxes added, plus an additional amount to participate in this product.

“Those people who have invested in cryptocurrency through the bank will receive compensation for their trust in us. In this way, we strengthen our commitment to the main asset we own: the trust of our clients,” said Ariel H. Sanchez, Director of Investment Products at Banco Galicia.

Just three days after two private banks started offering cryptocurrency to their clients as a form of investment, Central Bank (BCRA) I was surprised yesterday that this option was prevented at its weekly board meeting. Thus, the process of investing in digital currencies will continue to work only in domestic and international financial companies that do not enter the banking system.

The two private banks that devised this option are Banco Galicia and Burbank. Today, customers of the entity with the orange logo found this sign in the investment option: “We are canceling the cryptocurrency.”

“We regret to inform you that due to the call to A 7506 from the Central Bank, we had to stop buying Cryptos. If you have already bought, you can see and sell it. Don’t worry, we will reinvest you as well as compensate for your trust in us,” the letter continued.

The central bank explained that with the ban, it seeks to “mitigate the risks associated with the operations of these assets that they can generate for users of financial services and the financial system as a whole.”

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In addition, he left the entity headed by Miguel Pesci Bypass that banks that have ventured into offering cryptocurrency through home banking They did so by taking advantage of the “gray area” that existed in the official regulations.

Hence, the BCRA has now opted to impose an outright ban in this regard He literally pointed out that “the activity of financial entities must be directed To finance investment, production and marketingconsumption of goods and services required by domestic and export demand.

The message that appeared to the bank’s customers

In May 2021, along with the National Securities Commission (CNV), the BCRA had already published an alert on the “potential implications and risks of operations using crypto assets” in which it recommended “a prudent attitude in order to mitigate the risk of an ultimate source of vulnerability.” users and investors.

Last Monday, the Bank of Galicia reported it “As a result of high customer demand”launched an initiative to integrate four crypto assets: Bitcoin, Ethereum, USD Coin y RippleAnd he did not rule out expanding the range of digital currencies in the future.

More than 90% of people say they know cryptocurrency and many even see it as an investment and a financial future. We conducted a survey of our customers and Over 60% want to incorporate these assets into their investment portfoliosBeing the smallest audience is most in demand. “Taking data as a basis and that the center of our decisions depends on our clients’ experience and needs, motivated us to promote this project” said Ariel H. Sanchez, Director of Investment Products, and Nicholas Di Giovanni. Senior Product Manager For the company, through a statement.

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Brubank, a banking entity that is only accessed digitally, has, for its part, allowed bitcoin (BTC) and other cryptocurrencies to operate, albeit in a limited way for some customers. Juan Brocho, chief executive of the bank, explained that the option is being tested.

“It is a function that is progressively enabled. When the user enables it, they will be able to view it by entering ‘investments’ from the app,” he said.

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