The Central Bank of Argentina (BCRA) reversed course this week regarding the rule that it forced banks to leave 100% of the money deposits in the accounts of users of virtual wallets and other fintech services as banking reserve.
Last year, the BCRA forced banks to set up a lace of 100% of the funds deposited by the virtual wallets in order to “preserve them from contingencies and guarantee that they are always available to savers”. “The accounts are of a transactional nature and the proposed measure strengthens that role and favors the expansion of digital means of payment, granting greater transparency and security.“, assured the entity. The previous regulation stipulated that all the money in electronic wallets, such as Mercado Pago or Ualá, be deposited at the end of the day in a sight bank account to give users more security.
At that time, the measure was not well received by fintech, a sector that exploded in Argentina in recent years. This measure left fintech companies in a complex situation, especially the smaller ones that only perform payment functions, although even the leaders were affected by the measure. Now, through communication A7611, the BCRA established that “financial entities may integrate the requirement in pesos -of the period and daily- with National Treasury bonds in pesos maturing on May 23, 2027 at up to 45 percentage points of the expected rate“. To this they added that although “the wallets are still obliged to match 100%, the bank where the funds are deposited will be allowed to use the 45% bonus to match“.
The change has a direct impact on fintech finances. This is a stock that the market estimates at ARS 60,000 million. Estimates indicate that this was the “lace” diary that fintech had to keepthat is, they must leave deposited in the Central Bank without the possibility of doing so “to work” in the financial markets. With this change, 45% of that money can be deposited in public securities, from which the fintech will receive their income.
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