Argentina’s new government gives early approval to Bitcoin and says the cryptocurrency can be used in contracts.
Following the election of cryptocurrency-friendly President Javier Milei, Argentina “ratified” and “confirmed” that Bitcoin can be used as currency in official contracts.
“We ratify and confirm that it is possible to agree to Bitcoin contracts in Argentina,” said Diana Modino, Argentina’s Minister of Foreign Affairs. Posted in She has 360,000 followers.
“And the same goes for other types of cryptocurrencies,” she added, posting existing legal provisions. “Or something like a kilogram of cow or a liter of milk.”
Modino did not provide details on any new measures the government is planning regarding cryptocurrencies, but early approval of the world’s largest cryptocurrency could be seen as a sign of the recently elected Mile’s comments on monetary policy amid hyperinflation and serious problems for the local currency. It’s consistent with the president’s views. Devaluation.
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First steps toward adoption
Some Argentines have adopted digital currencies as the value of the local peso has fallen, while others are still choosing to trade the currency illegally.
While the ratification may not come as a surprise to some, Argentina officially approving the use of Bitcoin in contracts could potentially be the first step towards the country adopting the cryptocurrency on a larger scale.
“Argentines will soon be able to transact legally with Bitcoin and stablecoins,” Ledn co-founder Mauricio Di Bartolomeo said after Milei was elected last month.
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About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal, writing about Disney, Netflix, Warner Bros. and the creator economy, focusing primarily on technological disruption across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a variety of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.
