Argentine government approves Bitcoin for use in contracts

The post-election government of Argentina has ‘ratified and confirmed’ that Bitcoin can be used as a currency for contracts. This was stated by Foreign Minister Diana Mondino.

We ratify and confirm that contracts in Bitcoin can be entered into in Argentina.

— Diana Mondino (@DianaMondino) December 21, 2023

She added that the same applies to other cryptocurrencies or ‘anything like kilos of beef or litres of milk’. Mondino cited the applicable law.

In November, in the country’s presidential election, Javier Milei won. In the past, the libertarian lawmaker was considered a supporter of Bitcoin.

The current president previously stated that digital gold ‘represents a return of money to its original creator—the private sector’.

The crypto community welcomed Milei’s victory with optimism, but so far the new president has not proposed any initiatives regarding the first cryptocurrency.

In May, the country’s central bank proposed new guiding principles that could complicate the operations of companies dealing with digital assets. In his campaign promises, Milei spoke of the intention to ‘burn’ the central bank as a source of ‘fraud’.

Earlier, Grayscale Research experts suggested that the new president could pave the way for ‘broader adoption and integration of cryptocurrencies into Argentina’s economy, addressing long-standing inflation and financial instability’.

Earlier, in 2022, a lawsuit was filed against Milei for promoting a crypto scheme.