Argentina’s Minister of Foreign Affairs, International Trade, and Worship, Diana Mondino, recently affirmed that a newly enacted decree greenlights the utilization of Bitcoin (BTC) and other cryptocurrencies for contracts and payments.
Mondino took to Twitter on December 21 to explain that the “Bases for the Reconstruction of the Argentine Economy” decree, endorsed on December 20, extends approval for BTC and other digital currencies’ usage within specific parameters.
Although the decree doesn’t explicitly cite cryptocurrencies, it accommodates clauses permitting debt settlement using non-recognized legal tender currencies in Argentina. “We affirm that in Argentina, Bitcoin and any other crypto can settle contracts,” Mondino asserted.
One of the decree’s articles, Article 1196, grants parties the freedom to stipulate currency types for bonds or security deposits, as well as reimbursement methods at the end of leases.
The decree comes in the wake of President Javier Milei’s election, appointing Mondino as the foreign minister. Milei’s victory signaled a potential boon for crypto in Argentina, aligning with his prior endorsements of Bitcoin and his belief in the private sector’s role in money creation. With soaring inflation in the country, the economic decree formed a crucial part of Milei’s initial national agenda, addressing Argentina’s economic woes.
While Milei hasn’t spoken overtly about digital assets post-inauguration, Mondino’s appointment and the crypto-friendly clauses in the decree hint at a potential shift in Argentina’s approach toward cryptocurrencies.
