The Association of Public and Private Banks of the Argentine Republic (ABAPPRA) has expressed its strong rejection of the reform of Article 35 of the labor reform project, which would allow formally employed workers to receive their salaries in digital wallets. According to the Argentine News Agency, ABAPPRA representative Marcelo Mazzón described the measure as a possible 'black swan' and warned of the creation of a 'digital corralito'. Financial institutions argue that digital wallets (PSPs) do not meet the same security standards as the traditional banking system and highlight the following critical points. Liquidity and Credit: Banks use salary account funds to provide loans for production and consumption. 'All the money would be digitally visible but operationally non-existent in the branch network,' he stated, defining the scenario as 'the world's first digital corralito'. Currently, there are about 200 virtual wallets registered with the Central Bank that would be enabled to compete for the management of more than 10 million salary accounts if the Congress approves the modification. Lack of Cash: Public banks warned that if deposits migrate, it will be unviable to guarantee the supply of physical cash in ATMs in remote towns. Security: They emphasized that current salary accounts are backed by deposit insurance (SEDESA) and international standards that PSPs lack. The specter of the 'digital corralito'. Mazzón warned that if users tried to massively withdraw their physical money from the wallets at the same time, it would create a bottleneck.
