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the distribution of paid apps from Argentina in the Play Store effective June 27th, "at which point the apps will be unpublished."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.
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Google To Cease Payment To Argentine Developers, Pull Apps Due To Economic, Governmental Issues was written by the awesome team at Android Police.