Argentine government agencies are one step closer to legalising Bitcoin as a legal currency under certain situations & conditions.
Cryptocurrencies are not legal tender & also fully unregulated under the jurisdiction of Argentina. No crypto company is allowed to use banking services in this country but citizens are free to invest in cryptocurrencies. Strangely there are tax rules for the Crypto investment but nothing for regulation of this sector. Over the decade, the Argentine sovereign fiat currency Argentine peso faced huge devaluation against the US dollar. To fight against inflation, many citizens shifted their investment to Bitcoin, Ethereum, & US dollar-pegged stablecoins.
On 21 Dec 2023, Argentina’s Minister of Foreign Affairs Diana Mondino announced that they are working to legalise the use of Bitcoin in contract agreements.
Ratificamos y confirmamos que en Argentina se podrán pactar contratos en Bitcoin.
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— Diana Mondino (@DianaMondino) December 21, 2023
In short, people will be able to use Bitcoin as a payment asset but under contract agreement. Alternatively we can say that Argentine companies will be able to use Bitcoin payment under high-level contractual financial transactions.
Interestingly this law will not only be applicable for Bitcoin but also for other crypto assets, which are not a legal tender or legalized.
Notably, the Argentine minister mainly mentioned Bitcoin in the first tweet and after that Crypto. This is a hint that the government agencies are optimistic about Bitcoin’s future.
The newly elected Argentine president Javier Milei is also a Bitcoin proponent. According to media reports, Javier won the election because of his main focus to push the economy of the country to a better level & bring better monetary policies to fight against the surging inflation, during the election campaign.
Pro Bitcoin Argentine president also has a history with the crypto pyramid scheme CoinX. At the time he promoted CoinX as the best platform to get out from inflation.
In July of this year, Javier suggested adopting the US dollar. On the other hand, Argentine lawyer & Bitcoin proponent who became a politician, Carlos Maslatón suggested the adoption of Bitcoin as a currency. According to Carlos, the country will face huge financial restrictions because of US dollar adoption but Bitcoin will solve the problem & obviously, it will not be a good idea for those who loves only paper money.
Read also: Solana (Sol) heading toward $150 really? BitMex co-founder dumped SOL investment
Citizens in Argentina will be able to use Bitcoin as legal currency under “contract agreements”
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