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- 1 Argentina has elected a new president, Javier Milei, who is crypto-friendly.
- 2 The new government has announced that it will use cryptocurrencies in its payment system.
- 3 Diano Mondino has stated that a decree legalizing the use of certain digital currencies in contracts.
Diano Mondino, the minister of foreign affairs, international trade, and worship of Argentina, announced this on December 20, 2023, through a post on X (formerly Twitter).
He mentioned that a decree that aims at economic reform and deregulation will allow the use of Bitcoin and other cryptocurrency assets in the country under certain conditions.
The basis for the reconstruction of the Argentine Economy decree issued on December 20, 2023. It did not specifically mention crypto, but it included provisions that debtors had the choice to pay in currencies, which are not yet included in the legalized payment systems of Argentina.
Mardino said, “We ratify and confirm that in Argentina contracts that can be settled in Bitcoin and also other crypto.”
As per the words of Mardino, the order would allow for settling contracts in liters of milk or steers. Other provisions in the order include the freedom for individuals to choose the type of currency used, mostly referring to foreign currencies, but they did not explicitly denied the use of crypto for these purposes.
Milei, the current President of Argentina, came into power and appointed Mondino as the foreign minister, and replaced the former finance minister Sergio Massa. The citizens of Argentina are considering the change of government as positive for the growth of cryptocurrencies in the country.
The country is currently facing huge challenges in controlling the rate of inflation. The economic order that was the first national address of the new government was released recently. The decree addressed in detail some prevailing economic concerns in Argentina.
With his previous statements on the usage of cryptocurrencies and his take on economic hacks, the country and crypto enthusiasts are expecting positive changes in the payment systems of the country, which can also affect inflation.
Steps Towards Broader Adoption
For many years, the citizens of Argentina have used digital currencies like Bitcoin and USD-denominated stablecoins as the local peso has derived its value from the ongoing double-digit inflation.
After the election, Mauricio Di Bartolomeo, the co-founder of Ledn, a prominent crypto lending and trading platform, stated that soon Argentina will see a change and will be able to transact in bitcoin and stablecoin legally.
Argentina is officially approving the use of Bitcoin in legal contracts. It could be a first step toward the potential adoption of crypto on a large scale in the country.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
