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BCRA tells fintech firms to deposit virtual wallet funds into bank accounts

Banco Central de la República Argentina issued a rule on Jan. 9 ordering that if clients of financial technology payment providers deposit funds into virtual wallets, the payment providers must deposit an equal amount in pesos in bank accounts.

These fintech providers will have until Jan. 31 to meet the new rule. The central bank aims to guarantee liquid funds are available to the clients of these firms, while also preventing the firms from making short-term profits with their client's funds, possibly at their clients' expense. They will also have to report these amounts separately from other funds.

The Argentine Chamber of Fintech will contest the new rule, and propose to the central bank that checking accounts be opened at the relevant payment providers, rather than in banks.