Reports from the Central Bank of Argentina or major financial news outlets

Argentina's Central Bank Approves Debit Card and QR Code Payments in Dollars

Jan 16, 2025, 09:20 PM

The Central Bank of Argentina (BCRA) has approved regulations to promote currency competition, allowing individuals and businesses to use their preferred currency for daily transactions. This initiative includes enabling debit card payments in US dollars starting February 28, 2025, and QR code payments in both pesos and dollars from April 1. The move is part of President Javier Milei's strategy to foster a dual-currency economy, aiming to boost consumption by allowing dollars from a recent amnesty program to circulate within the local economy. Businesses will have the option to accept payments in dollars, and the BCRA has set deadlines for payment intermediaries to enable these functionalities. Additionally, a new 'DEBIN Programado' system, announced by Economy Minister Luis Caputo, will allow consumers to pay for goods or services in fixed installments in either pesos or dollars with a single authorization. The funds from CERA accounts, created for the amnesty program, cannot be used directly for these dollar payments.