UST, a stablecoin pegged to the U.S. dollar, along with its sister token Luna, plunged to its lowest value—dropping as low as below $0.30 and losing about $40 billion of its market cap in 48 hours.
The directive is applicable to "crypto assets and those whose yields are determined based on the variations that they register," according to the notice released by the Central Bank of the Argentine Republic.
The International Monetary Fund will extend Argentina a $45 billion loan deal, which the Senate approved recently, that includes a clause urging the gov’t to discourage digital currencies.
Indonesia has emerged as the country with the highest interest in digital currencies, ranking ahead of Chile and Argentina, which are in second and third place respectively.
The president of the of the Central Bank of Argentina is concerned about high volatility, lack of legal tender status, cyber-attacks, and operational disruptions with digital currencies.
The bill seeks to allow employees and service exporters to receive part or their full salary in digital currencies in a bid to preserve its purchasing power.
Bitfarms signed a power purchase agreement with an undisclosed private Argentinian power producer enabling the firm to draw up to 210MW of electricity at its discretion.
An Argentinian lawmaker is expected to table a bill in parliament that will give digital currencies legal status in the South American country.
The Argentinian government is cracking down on the digital currency trading sector as it seeks to prevent citizens from dumping the inflationary local currency.
The hackers identified and infected a government server storing a decade’s worth of encrypted government files in Argentina, freezing access on demand of payment in BTC.
The South American country has typically been supportive of allowing crypto-related activity, even instituting crypto payments to pay for public transportation.