"In Argentina, Contracts Can Be Settled In Bitcoin", Foreign Minister Affirms
In a groundbreaking statement, Argentina's Minister of Foreign Affairs, Diana Mondino, has confirmed the country's stance on embracing Bitcoin for contractual agreements.
In a Dec. 21 post on X (formerly Twitter), Mondino said that a decree seemingly aimed at economic reform and deregulation would allow the use of BTC and other cryptocurrencies in the country under certain conditions.
The ‘Bases for the Reconstruction of the Argentine Economy’ decree, passed on Dec. 20, did not specifically mention crypto but included provisions that debtors had the choice to pay in currencies not recognized as legal tender in Argentina.
“We ratify and confirm that in Argentina contracts can be settled in Bitcoin,” said Mondino. “And also any other crypto.”
Y también cualquier otra cripto y/o especie como kilos de novillo o litros de leche.
— Diana Mondino (@DianaMondino) December 21, 2023
Art 766. - Obligación del deudor. El deudor debe entregar la cantidad correspondiente de la moneda designada, tanto si la moneda tiene curso legal en la República como si no lo tiene.
As Bitcoin Magazine's Nik Hoffman notes, Mondino's declaration heralds a pivotal moment for legal recognition of BTC within Argentina, demonstrating the nation's progressive approach towards integrating crypto in the country.
This announcement arrives a month after Javier Milei, who has made very positive comments about Bitcoin in the past, won Argentina's presidential candidacy.
Milei has previously stated, "The central bank is a scam, a mechanism by which politicians cheat the good people with inflationary tax.” Then saying Bitcoin "represents the return of money to its original creator, the private sector,” and that "it prevents politicians from robbing you through inflation."
The Minister's assertion further underlines Argentina's efforts to leverage the potential of Bitcoin to stimulate economic growth and innovation.
By accepting Bitcoin as a valid form of contractual agreement, the government aims to foster an environment conducive to investment and business development within the country.
While the details regarding the implementation and legal nuances remain to be outlined, Mondino's statement marks a crucial step forward in legitimizing Bitcoin as a recognized means of conducting formal agreements within Argentina. The move may also serve as a catalyst, encouraging other nations to consider similar initiatives in integrating Bitcoin into their legal frameworks.