Argentina allows contracts to be settled in Bitcoin, local BTC price increases to ATH

Diana Mondino said the decree legalizing the use of certain currencies for contracts and payments would also apply to bitcoin.

“We have confirmed that contracts in Argentina can be settled in Bitcoin [translation]” she said on December 21.

We confirm that contracts can be negotiated in Bitcoin in Argentina.

— Diana Mondino (@DianaMondino) December 21, 2023

Argentina accepts BTC.

The move follows the election. crypto-friendly president Javier Milei On November 19.

However, the decree passed on December 20 “On the basis of the reconstruction of the Argentine economy” did not specifically mention BTC. However, it included provisions for currency not recognized as legal tender, Mondino confirmed Bitcoin In her announcement.

The minister said that they can use “crypto” with cows and liters of milk to settle contracts. JAN3 CEO Samson Mou commented:

“Not every country has to make Bitcoin legal tender; every country will have its own unique path. All paths lead to BTC.

After talking about the approval of #Bitcoin for payment, Argentina's foreign minister separately mentioned that “crypto” can be used with cows and liters of milk.

— Samson Mow (@Excellion) December 21, 2023

On December 12, newly elected President Javier Millay devalued the local currency, the Argentine peso, by a whopping 50% from 400 to 800 US dollars.

Argentina has been suffering. Rampant inflation For years, and currently it is a painful 161%. As a result, the price of BTC has increased in local currency. All time high this year.

To buy bitcoins in Argentine pesos, you need to part with 35 million. The price hike in mid-December soon after the domestic price doubled and is now at an all-time high, he said. Coingeco.

The move has sparked speculation that Argentina may follow El Salvador in legal tendering bitcoin in 2024. Miley has previously commented that bitcoin “represents the return of money to its original creators, the private sector.”

El Salvador has passed a Bitcoin law

In related news, El Salvador has passed a law granting citizenship to Bitcoin investors. On December 21, Congress passed an immigration bill that would grant fast-track citizenship to foreigners who make BTC “donations” to government social and economic development programs, he reported. Reuters.

Moreover, the law does not define a minimum “donation” requirement, although there may be.

According to Buckele BTC Investment TrackingEl Salvador's bitcoin stash is now back in the green and at $122 million.