Argentina's Foreign Minister Claims New Decree Legalizes Bitcoin and Other Crypto Assets for Contracts and Payments

Crypto

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Diana Mondino, Argentina's Minister of Foreign Affairs, International Trade, and Worship, has asserted that a recently passed decree legalizing the use of certain currencies in contracts and for payments applies to Bitcoin (BTC) and other cryptocurrencies.

In a December 21 post on Twitter, Mondino stated that the "Bases for the Reconstruction of the Argentine Economy" decree, approved on December 20, allows for the use of BTC and other cryptos in the country under specific conditions.

While the decree does not explicitly mention cryptocurrencies, it includes provisions that allow debtors to pay in currencies not recognized as legal tender in Argentina. "We ratify and confirm that in Argentina contracts can be settled in Bitcoin," Mondino said. "And also any other crypto."

Article 1196 of the decree states that parties have the liberty to specify the amounts and type of currency used for bonds or security deposits, as well as the method for reimbursement upon the lease's conclusion.

The decree follows the election of President Javier Milei, who appointed Mondino as foreign minister. Milei's victory was seen as a positive sign for crypto adoption in Argentina, given his previous statements supporting Bitcoin and his belief in the private sector's role in money creation. Milei came to power amid pressing inflation in the country, and the economic decree was part of his first national address, detailing measures to address Argentina's economic concerns.

While Milei has not publicly spoken about digital assets since taking office, his appointment of Mondino and the inclusion of crypto-friendly provisions in the decree suggest a potential shift in Argentina's stance on cryptocurrencies.

Source : Yahoo crypto / Dec 22, 2023

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