- Argentina’s Bitcoin policy has taken a progressive turn.
- The country has approved BTC for use in contracts.
- A government minister confirmed the news.
Following the election of pro-Bitcoin President Javier Milei on November 20, Argentina has officially “ratified and confirmed” the use of BTC in settling contract agreements within the nation.
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While Milei has not officially voiced the intent to adopt Bitcoin as a legal tender like El Salvador, many of his policy positions tout the cryptocurrency as a key to reviving Argentina’s economy and advocating for the return of monetary control to the private sector.
Argentina Ratifies Bitcoin Use in Contracts
In a post shared on X (Twitter) with her 350,000 followers, Argentina’s minister of foreign relations and international commerce, Diana Mondino, revealed that the country’s citizens could use Bitcoin to enter into contract agreements.
Further, the minister declared that other types of cryptocurrencies and even certain foods could be used to settle deals backed by contracts as per the existing law. “Also, any other crypto and/or species such as kilos of steer or liters of milk,” Mondino stated.
The move could be seen as a proactive step toward broader crypto adoption as Argentina maneuvers through a tough economic period, compounded by rampant hyperinflation and local currency devaluation issues.
Crypto Adoption in Argentina
Argentina’s formal approval of BTC in contracts is significant, suggesting that the country is keen on adopting crypto on a larger scale.
Recent data insights indicate that Argentina has one of Latin America’s highest crypto adoption rates. Specifically, Chainalysis ranked Argentina 13th in its 2022 Global Crypto Adoption Index, noting that stablecoin adoption was “exceptionally high” in the country.
In another survey, 60% of respondents in Argentina proclaimed to have “a lot” or “some” trust that Bitcoin and other cryptocurrencies would perform well in one to two years, a sign of their strong faith in digital assets.
Read why Cardano’s Charles Hoskinson is keen on meeting with Argentina’s President:
Cardano Seeks to Woo Argentina’s Anti-Establishment President
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