Argentina has taken a groundbreaking step in the integration of cryptocurrencies into its economic system. Diana Mondino, the Minister of Foreign Affairs, International Trade, and Worship, announced a new decree permitting the use of Bitcoin (BTC) and other cryptocurrencies for settling contracts and payments in the country. This decree, titled "Bases for the Reconstruction of the Argentine Economy," passed on December 20, does not explicitly mention crypto but allows for the use of non-legal tender currencies in financial transactions. Mondino confirmed that, under this decree, contracts in Argentina can be legally settled using Bitcoin or any other cryptocurrency.
This innovative move by the Argentine government not only includes cryptocurrencies but also unconventional payment methods like liters of milk or steers, providing flexibility in contractual settlements. The decree gives individuals the freedom to choose their preferred type of currency for bonds or security deposits, including its reimbursement methods upon lease conclusion, as outlined in Article 1196.
The implementation of this decree aligns with President Javier Milei's economic reform vision. Milei, known for his pro-crypto stance, described Bitcoin as a shift "toward the return of money to its original creator, the private sector." His election win was seen as a positive sign for crypto adoption in Argentina. Amid high inflation rates, Milei's administration aims to address critical economic challenges, with this decree being a significant step towards economic deregulation and innovation.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
