The Argentine government has approved the use of Bitcoin for contractual settlements.
This development follows the election of President Javier Milei, known for his positive stance on cryptocurrencies. Diana Modino, Minister of Foreign Affairs and International Trade presentation In X, Bitcoin, along with other cryptocurrencies, can now be used as a valid currency in legal contracts in Argentina.
In a statement, Modino emphasized the flexibility of Argentina’s contracts, emphasizing that they can be based on a variety of units of value, including traditional units of value such as kilograms of beef or liters of milk. Her post highlighted the legal basis for this decision by referencing existing laws.
Although Modino did not delve into specific future policies regarding cryptocurrencies, this acknowledgment of Bitcoin is consistent with President Milei’s broader monetary strategy. This strategy is particularly relevant given Argentina’s ongoing problems of hyperinflation and devaluation of the local currency.