#加密货币监管框架建设 Argentina's Central Bank has lifted the ban on bank encryption transactions, this signal is worth following.

On the surface, it appears to be a shift in regulation from "prohibition" to "having a framework," but the underlying logic is worth unpacking. Argentina has long faced high inflation and peso depreciation, and the public has been using Bitcoin and stablecoins to hedge against risk for some time — this portion of trading volume has actually existed, just within the shadow financial system. The essence of the current reform is to "sunshine" existing trading activities rather than creating demand out of thin air.

The key variable lies in the flow of funds after banks enter the market. Once traditional financial institutions enter with their customer base and capital strength, existing independent exchanges and virtual asset service providers will face direct competition. This could lead to a rapid reshuffling of the market landscape—my observation is that whoever can obtain a license first under the new framework holds the entry advantage.

From on-chain signals, several dimensions need to be followed up on: the changes in the capital flow of local exchanges and virtual asset service providers in Argentina, whether there is a shift in large stablecoin transfer patterns, and whether major banks show clear signs of on-chain deployment. This not only affects the Argentine market but may also serve as a reference case for regulatory frameworks in other emerging markets.