Argentina paves the way for Bitcoin contracts.
The Minister of Foreign Affairs, International Trade and Religion of Argentina, Javier Millay, has confirmed that the government will allow contracts in Bitcoin, which strengthens the hope in the crypto community.
Javier Mille's recent victory in Argentina's election sent shock waves through the financial markets. But it has sent waves of excitement and anticipation in a specific sector of the economy: the crypto industry.
Argentina prepares for Bitcoin contracts
The authority's approval opens the doors to crypto enthusiasts in Argentina. Diana Mondino, Argentina's foreign minister, wrote on X (Twitter).
“We have confirmed that contracts in Argentina can be settled in Bitcoin.
As well as other cryptos and/or species such as Kilo Steer or Liter of Milk.
Article 766. – Obligation of the debtor. The borrower must provide an equivalent amount of the allocated funds, whether or not it is legal tender in the Republic.
“The idea has always been and always will be the freedom of currencies. Anyone who wants to transact in Bitcoin should do so, Mondino said. This statement resonates most in an industry where independence and decentralization are fundamental principles.
Read more: What is Layer-1 Blockchain?
Crypto leaders look forward to Miley's arrival at Casa Rosada and look forward to challenging but exciting years ahead. Marcelo Cavazoli, the founder and CEO of crypto firm – Lemon Cash, highlights the opportunity to create from the local industry to build crypto products in the environment of free currency competition.
Biso CEO Julian Colombo said:
“Both Miley and his potential successors point to freedom in the fintech industry in general and the crypto industry in particular. They praised the philosophy of Bitcoin and the freedom it gives people.
Since then, various promoters such as Samson Mou and Salvadoran President Naib Buquele have expressed interest in what the development of the crypto industry in Argentina would look like.
The birth of the Crypto industry in Argentina
Regarding the possibility of entering into contracts in Bitcoin, several actors are thinking about recognizing cryptocurrencies 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 crisis associated with the Argentine peso has been instrumental in crypto adoption, highlighting it as one of the most important technologies in history.
This phenomenon has recently been seen in the operation of Stablecoins. Digital currencies pegged to the dollar are up 75 percent from their highs in Argentina's presidential primary.
Mile's victory has lit a flame of hope in Argentina's crypto industry. With Bitcoin contracts on the horizon and support for freedom in fintech, crypto leaders envision a bright and innovative future where cryptocurrencies will play a significant role in the nation's economy.
Read more: Simplifying Bitcoin White Paper: A Comprehensive Guide
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