Google, citing "ongoing challenges," will be ending the distribution of paid apps from Argentina in the Play Store effective June 27th, "at which point the apps will be unpublished."
Google's official statement on the issue (published on its Developer Support site) doesn't go into too much detail regarding the "ongoing challenges" involved in distributing paid apps from Argentina, and an email sent to developers (reported by Celularis) doesn't offer any more information, though both suggest that Argentine developers who are legally able to do business in another country transfer their applications to a merchant account registered in that country.
… If you are legally able to do business in one of the other supported countries and otherwise satisfy the Google Wallet Terms of Service for that country, you may register for a Google Wallet Merchant Center account in that country and transfer your applications to it. To review the Google Wallet Merchant Center account Terms of Service, go to this link:
You would need new Google Play Developer account to tie to your new Merchant account. To learn more about creating new Google Play Developer account and transferring your applications, please visit our Help Center at https://support.google.com/googleplay/android-developer/answer/139626 …
A final payout to affected developers is planned for July 22nd.
Though Google may not be forthcoming in explaining exactly why it's ceasing payment, Reddit users explain that it may be due to governmental pressure, stemming from high inflation and currency depreciation, in response to which Argentina's government has – according to users - restricted the flow of capital both into and out of the country.
Whatever the case, Google makes clear that it wants to be able to continue to do business in Argentina, saying "we realize this change will be painful, and will continue exploring ways to resume funding Argentine developers."