Contract Deals In Argentina Can Now Be Sealed Through Bitcoin
Diana Mondino, the Minister of Foreign Affairs for Argentina, has affirmed the recent decision taken by the local government to acknowledge Bitcoin (BTC) as a legally sanctioned currency for contractual agreements. This development aligns with recent reports highlighting an ongoing depreciation in the value of the Argentinian currency (ARS).
Argentina goes crypto
In a post on X (formerly Twitter), Mondino disclosed that Argentinian citizens can now utilize Bitcoin to engage in contractual arrangements within the country. The Minister went on to say that as of this moment, the government has officially affirmed and validated that contracts in Argentina can be formalized using Bitcoin.
This is a first for the country, although Argentina is not the inaugural nation to make BTC legal tender as that honor rests with El Salvador. It is still worth noting that, although the country is adopting a positive stance when it comes to crypto, President Javier Milei has embarked on a series of steps to reinvigorate the local economy since his inauguration on December 10th, which also reportedly involves following through with his promise to dollarize Argentina.
A big step forward
In the backdrop of the notable price surge experienced by the flagship cryptocurrency in recent months, wherein it recorded a surge of approximately 65.6% over the last three months and a 20.4% increase in the past 30 days, Argentina is embracing Bitcoin as a viable option.
Additionally, Mondino expressed that contracts could involve other cryptocurrencies such as Ethereum, Cardano, and more, and even specific commodities such as any other crypto or type of investment asset including but not limited to stocks, metals, and even liters of milk.
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