Argentina Allows Settlement Of Contracts Using Bitcoin, Says Foreign Minister

Argentina’s Foreign Minister, Diana Mondino, recently announced that as per a new government decree, Bitcoin can be used to settle contracts in the country. This groundbreaking decision, revealed in a post on X (on December 21, stems from a decree titled “Bases for the Reconstruction of the Argentine Economy,” enacted on December 20. While the decree does not explicitly mention cryptocurrencies, it includes a clause allowing payments in non-legal tender currencies, including Bitcoin.

Mondino highlighted that the decree extends beyond Bitcoin to encompass other cryptocurrencies as well. Additionally, unconventional payment options like liters of milk or steers are also permissible under this new rule. The decree emphasizes the freedom of parties to choose their preferred currency type for transactions, including foreign currencies and cryptocurrencies.

Article 1196 of the decree specifically states that parties are free to determine the currency and amount for bonds or security deposits, including the repayment method at the end of a lease.

This move comes after the election of Javier Milei as Argentina’s President, who appointed Mondino as Foreign Minister. Milei’s victory, seen as favorable for cryptocurrency adoption, came during a period of significant inflation in Argentina. His first national address outlined strategies to tackle economic issues, with the economic decree being a part of these measures. Milei, known for his pro-crypto stance, has lauded Bitcoin as a step towards returning monetary control to the private sector, though he has remained quiet about digital assets since assuming office.

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