South American Country of Nearly 46,000,000 Sanctions the Use of Bitcoin and Other Crypto Assets in Contracts

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.

“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.”

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