Gamblers in Argentina who travel abroad to engage in betting activities are now facing new and stricter limits. These are mainly related to their ability to purchase cryptocurrencies or make wagers. During the last week of October, the Central Bank of the Argentine Republic issues new measured for currency control.
These limit credit, prepaid card use or even debit cards for specific purposes when abroad. The restrictions cover participation in betting and gambling of a different kind. The rules were set in place as of November 1 and the users have to get approval from the central bank before getting the ability to make payments abroad. Furthermore, the cash withdrawals for Argentinians now stand at the $50 limit.
Besides gambling, the rules also cover cryptocurrencies. They restrict the transfer of funds to payments services, investment managers or individual accounts. Buying cryptocurrencies also require previous approval. Analysts are sure that the measures will drastically impact the financial means of travelers to engage in either of these two.
Stopping the Cash Bleed
The restrictions are clearly going for stopping the flight of capital from the country. It also aims to protect the ever-shrinking foreign exchange reserves. A few months ago, the local currency, Argentina’s peso, saw a drop in the double-digit territory. The currency dropped further after left-leaning politicians claimed that their candidate won the presidential election.
In this atmosphere of uncertainty, the gambling activity was especially in the focus. Central bank officials are claiming that users are employing their credit cards to buy chips in casino facilities only to cash it out in USD form. The same funds are then immediately saved from the further loss of value that the peso is going through. The socialist leaders are also questioning the development of online gambling and their impact on the local Argentinian communities.
Previous gambling-friendly politicians like Maria Eugenia Vidal, who was the governor of Buenos Aires province, lost her post. She will remain in office until December 10, but problems from other countries like US Arkansas show this easily becomes a huge issue.
In Arkansas, the officials who were leaving their postings provided the licenses, which soon after became legal battles. In Argentina’s Buenos Aires, casino operators have plans for seven online gambling licenses. Before the election, their prospects seem bright. Now, their future, as well as the future of the entire gambling industry in Argentina is very uncertain.
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