Meanwhile in ArgentinaTLDR: Argentina's Minister of Foreign Affairs announced a new economic decre

TLDR:

Argentina's Minister of Foreign Affairs announced a new economic decree allowing the use of Bitcoin and other cryptocurrencies in contracts and payments under specific conditions. While not explicitly mentioning crypto, the decree permits settling payments in non-official currencies, aligning with President Milei's support for Bitcoin. The move aims to address economic struggles, combat hyperinflation, and foster investment. If widely embraced, Argentina's initiative could impact global crypto adoption.


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Diana Mondino, Argentina's Minister of Foreign Affairs and International Trade, announced via Twitter that the recent "Bases for the Reconstruction of the Argentine Economy" decree, approved on December 20, allows for the use of Bitcoin (BTC) and other cryptocurrencies in contracts and payments under specific conditions.


Although the decree does not explicitly mention cryptocurrencies, it includes provisions permitting debtors to settle payments in non-official currencies. Article 1196 of the decree allows parties to specify currency types for bonds or security deposits. The decree follows the election of President Javier Milei, who appointed Mondino and signals a potential shift in Argentina's stance on cryptocurrencies, aligning with Milei's previous support for Bitcoin and belief in the private sector's role in money creation.
Argentina's new government, led by President Javier Milei, has taken a significant step in economic reform by officially permitting the use of Bitcoin and other cryptocurrencies for contract settlements and payments. This strategic move responds to the country's persistent hyperinflation and economic struggles.
Mondino emphasized the flexibility of the new regulations on social media, stating, "We ratify and confirm that in Argentina, contracts can be agreed on in Bitcoin. And also any other crypto and kind, such as kilos of beef or milk… Art 766. The debtor must deliver the corresponding amount of the designated currency, whether the currency is legal tender in the Republic or not."
Mondino's assertion reflects Argentina's commitment to harnessing Bitcoin's potential for economic growth and innovation. By officially recognizing Bitcoin in contracts, the new government aims to create an environment conducive to investment and business development. While specific details and legal frameworks are yet to be outlined, Mondino's statement marks a significant milestone in legitimizing Bitcoin as a formal means of conducting agreements in Argentina. This move may also serve as a precedent, inspiring other nations to consider similar initiatives in integrating cryptocurrencies into their legal systems.
Milei assumed office amid significant inflation in the country, and the economic decree, which included provisions for using Bitcoin and other cryptocurrencies in contracts, followed his first national address outlining measures to address economic concerns. While Milei had previously referred to Bitcoin as a movement toward returning money to the private sector, he has not made public statements about digital assets since taking office.
If Argentina embraces Bitcoin more widely as South America's second-largest economy, it could influence global crypto adoption. 
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