Payment Services Offering Payment Accounts: Central Bank Repeals Obligation
The Argentine Central Bank repealed the obligation to transfer their customers the payment for the balances of their ARS accounts deposited in financial institutions.
On June 6, 2024, the Argentine Central Bank (BCRA) issued Communication “A” 8030, repealing the measure established by Communication “A” 7825, commented here.
In this way, the BCRA left Providers of Payment Services that Offer Payment Accounts (PSPCP) free of the obligation to transfer the payment they receive for the ARS balances of deposit accounts in financial entities to their clients. Thus, PSPCPs are no longer obligated to transfer the renumeration resulting from ARS funds to their clients, even if these clients have not decided to invest them in pooled money market funds.
This insight is a brief comment on legal news in Argentina; it does not purport to be an exhaustive analysis or to provide legal advice.