The entity called to be alert to “returns not compatible with reasonable parameters.” There are open investigations in many provinces where these businesses got advertised.
The Central Bank of the Argentine Republic (BCRA) made a statement on Monday, December 20, revealing various warnings about the proliferation of companies that promise profits to investors but are just merely scams.
According to the statement revealed on the entity’s website, the BCRA investigates the actions of companies that catch deposits and offer returns through operations with crypto assets and cryptocurrencies that are not compatible with any reasonable parameter in financial operations.
Given this situation, it alerts savers about the risks of investing through these platforms that do not have underlying assets that allow assessing the risk of the investment.
In addition, the Central Bank of Argentina revealed that it has been leading inspections through the Superintendency of Financial and Exchange Institutions in various provinces. Among them, Catamarca and La Rioja get listed as regions in which advertising campaigns aimed at attracting investors with really shady schemes.
In the cases related to this event, the subsequent cessation of the activity will get requested, and the proper legal procedures would meet their opening.
The statement revealed by the highest Argentine banking entity also refers to another message that arrived in May 2021 that suggests that all users should get warned about the risks of operating with crypto assets.
As reported by various media outlets, the Argentine authorities remarked that crypto-assets are volatile, unsafe items that could lead to many criminal activities such as money laundering operations.
This type of fraudulent business model has increased in Argentina in recent times. Many celebrities and influencers have taken part in advertisements and even promoted them on their social networks. All this movement has captured the interest 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 citizens did not hesitate to bring out their ingenuity on the subject and, with humor, criticized the BCRA for being guilty about economic problems in the country. These problems are the devaluation of the currency and the exchange rate for the purchase of foreign currency for savings.
As a clear example, a user responded to the publication of the journalist Juan Pablo Marino, who shared the Central Bank statement on Twitter and wrote that the issuer of pesos, the shitcoin of shitcoin, warns about a lack of underlying assets of cryptocurrencies.
The text arrived with the popular meme of the three Spider-men pointing out to each other that users in the network usually put on circulation to highlight the similarity between many people, things, or even problems.
By: Jenson Nuñez
