Saturday, October 1

Central Bank of Argentina warns about ponzi schemes with cryptocurrencies


Key facts:
  • The entity called to be alert to “returns not compatible with reasonable parameters.”

  • There are open investigations in several provinces where these businesses are advertised.

The Central Bank of the Argentine Republic (BCRA) issued a statement on Monday, December 20, warning about the proliferation of companies that promise profits to investors, but are actually scams.

According to release Published on the entity’s website, the BCRA investigates “the actions of companies that capture deposits and offer returns through operations with crypto assets and cryptocurrencies that are not compatible with reasonable parameters in financial operations.”

Given this, alerts savers about the risks of investing through these platforms “That do not have underlying assets that allow the risk of the investment to be assessed.”

In addition, the Central Bank of Argentina reported that it has carried out inspections through the Superintendency of Financial and Exchange Institutions in several provinces. Among them, Catamarca and La Rioja are listed, “where advertising campaigns aimed at attracting investors with not very transparent schemes have been detected.” In the cases that correspond, it is described, the cessation of the activity will be requested and the corresponding legal cases will be opened.

This medium consulted with the BCRA to obtain more details about the number of cases of scams that have been registered, but has not received any answers yet.

The complete statement issued by the BCRA. Source: Central Bank of Argentina.

The statement published by the highest Argentine bank also refers to another message from May 2021, in which users are warned about the risks of operating with crypto assets. As reported by CriptoNoticias, at that time the Argentine authorities remarked that crypto assets are volatile, unsafe and could lead to money laundering operations.

This type of fraudulent business model has grown in Argentina in recent times. In fact, several celebrities and influencers have participated in advertisements and promote them on their social networks. All this movement has caught the attention of the National Securities Commission, an entity that has a list of suspicious companies that could be scamming investors based on these schemes.

The reaction of Argentines on social networks

Beyond the seriousness of the statement, Argentine netizens did not hesitate to bring out their ingenuity and, through humor, criticize the BCRA for economic problems in the country such as the devaluation of the currency and the exchange stocks for the purchase of foreign currency for savings.

For example, a user answered the publication of the journalist Juan Pablo Marino, who shared the Central Bank statement on Twitter, and wrote: “The issuer of pesos, the shitcoin of shitcoins, warns about the lack of underlying assets of cryptos (sic)?” This text was accompanied by the meme of several Spider-men pointing out to each other that they usually circulate to highlight the similarity between several people or things.

On the other hand, a person ironic about the investment tools available in the country, such as bank fixed terms, which due to inflation in Argentina lose any profitability for savers. «We are going with a better fixed term; Hahaha!! Unpresentable, ”was the message.





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