Virtual wallets must distribute to clients the profitability they generate from their deposits

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Summary:

The Directorio of the Banco Central de la Repu00fablica Argentina (BCRA) has decided that virtual wallet providers must pass on to their clients the interest generated by deposits in peso accounts at financial institutions. This decision applies to funds deposited in payment accounts that are not invested by the clients' discretion. As a result, individuals with funds in payment accounts will now earn interest, which will be compounded periodically. According to the BCRA, the total balance in these accounts is approximately $121 billion, which must be fully deposited in sight accounts at financial institutions to ensure preservation and availability, with the option to invest up to 45% in National Treasury Notes.

Date: Thursday, August 24, 2023