Argentina Paves the Way for Bitcoin Contracts

The Minister of Foreign Affairs, International Trade and Worship of Argentina has confirmed that the Government of Javier Milei will allow contracts in Bitcoin, which has consolidated hope in the crypto community.

Javier Milei’s recent victory in the Argentine elections indeed sent shock waves through the financial markets. But, it has also sent waves of enthusiasm and expectation through a specific sector of the economy: the crypto industry.

Argentina Prepares for Bitcoin Contracts

The official’s ratification opens doors for crypto enthusiasts in Argentina. Diana Mondino, Argentina’s Minister of Foreign Affairs, wrote on X (Twitter):

“We ratify and confirm that in Argentina contracts can be agreed in Bitcoin.

And also any other crypto and/or species such as kilos of steer or liters of milk. 

Art 766. – Obligation of the debtor. The debtor must deliver the corresponding amount of the designated currency, whether the currency is legal tender in the Republic or if he does not have it.”

“The proposal has always been and will be freedom of currencies. Whoever wants to make a contract in Bitcoin, let them do it,” said Mondino. This statement resonates strongly in an industry where freedom and decentralization are fundamental principles.

Read more: What is a Layer-1 Blockchain?

Crypto leaders view Milei’s arrival at the Casa Rosada with optimism and anticipate challenging but exciting years. Marcelo Cavazzoli, the co-founder and CEO of crypto firm – Lemon Cash, highlights the opportunity to innovate from the local industry to build crypto products in an environment of free currency competition.

Julián Colombo, CEO of Bitso said:

“Both Milei and its possible officials have always referred to freedom in the fintech industry in general and in the crypto industry in particular. They have praised the philosophy of Bitcoin and the freedom it provides to people.”

Since then, various promoters such as Samson Mow and even Salvadoran President Nayib Bukele have shown interest in what the development of the crypto industry in Argentina will be like.

Birth of the Crypto Industry in Argentina

Regarding the possibility of making contracts in Bitcoin, several actors are considering the recognition of cryptocurrencies as valid instruments for agreements between parties and as a means of payment. For them, this legal opening is a fundamental step for the development of the crypto industry in the country.

The exchange problems associated with the Argentine peso have been advantageous for crypto adoption, highlighting them as one of the most important technologies in history.

This phenomenon was recently evident in the operation of stablecoins. Digital currencies linked to the dollar registered an increase of 75% compared to the peak reached during Argentina’s Presidential Primary Election.

Milei’s victory has lit the flame of hope in the Argentine crypto industry. With the possibility of Bitcoin contracts on the horizon and support for freedom in fintech, crypto leaders envision a vibrant and innovative future where cryptocurrencies play a significant role in the country’s economy.

Read more: Simplifying the Bitcoin Whitepaper: A Comprehensive Guide

Do you have anything to say about Bitcoin adoption in Argentina or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.