Argentina’s traditional banking sector just pulled a big move—three banking associations jointly submitted a document aiming to keep a firm grip on the channels for salary and pension payments. This stirred up a hornet’s nest, with both the fintech and crypto communities in an uproar.

The Argentine Fintech Association quickly stepped up to speak out, representing a host of virtual payment platforms and crypto trading apps to vehemently oppose the banks’ proposal. They bluntly pointed out that the document is full of misleading information and is essentially an attempt to stifle financial innovation through administrative means.

In essence, this is a direct showdown between old and new forces. Traditional banks are trying to defend their turf, while Fintech and crypto players refuse to be shut out of the payment ecosystem. In Latin America—a region where crypto adoption is skyrocketing—this kind of regulatory tug-of-war is only going to get more intense.