Argentina is restricting Bitcoin traders from buying U.S. dollars at the official exchange rate to curb capital flight.
In a statement on Thursday, the country’s central bank said those who bought Bitcoin or any other digital asset with pesos in the past 90 days would not be able to access the single free market (Mercado Único y Libre de Cambio-MULC), and Buy dollars at the official exchange rate.
This is to stop the outflow of funds. If an individual or company has pesos in their accounts, they use the pesos to buy dollars from regulated exchanges, which they can then use to invest in cryptocurrencies such as Bitcoin. The Argentine government is currently tightening currency controls and raising interest rates to control inflation.