A top official in Argentina says that the South American country will recognize contracts denominated in Bitcoin (BTC).
According to Argentine Minister of Foreign Affairs, International Trade and Worship Diana Mondina, the law that sanctions the settlement of obligations in non-legal tender applies to the flagship cryptocurrency and other digital assets.
[adinserter block="1"]“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 not.”
Mondina’s statement comes amid speculation that the second-largest country in South America could follow in the footsteps of El Salvador in making Bitcoin a legal tender following the victory of Javier Milei in Argentina’s presidential election.
Milei, who is known for his pro-Bitcoin stance, has said that the leading crypto asset represents “the return of money to its original creator, the private sector.”
Crypto asset manager Grayscale says Milei’s presidency marks a meaningful step towards crypto adoption.
“His presidency could pave the way for greater acceptance and integration of cryptocurrencies in Argentina’s economy, offering a potential solution to the long-standing issues of inflation and financial instability. Milei’s victory could signify a paradigm shift in how developing economies like Argentina perceive and use digital currencies.”
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
