‘In Argentina, contracts can be settled in Bitcoin’ – Minister of Foreign Affairs

Argentina's Minister of Foreign Affairs, International Trade and Religion, Diana Mondino, has said that a decree legalizing the use of certain currencies in contracts and payments will apply to Bitcoin (BTC).

On December 21st, on X (formerly Twitter), Mondino said that the provision, which seems to be focused on economic reform and correction, would allow the use of BTC and other cryptocurrencies in the country in certain circumstances. The decree on the ‘basis for the reconstruction of the Argentine economy', passed on December 20, did not specifically mention crypto, but included provisions that borrowers had the option of paying in currencies that are not recognized as legal tender in Argentina.

“We have confirmed that contracts can be settled in Bitcoin in Argentina,” said Mondino. “And also any other crypto.”

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 the appropriate amount of the assigned currency, whether or not it is legal tender in the Republic.

— Diana Mondino (@DianaMondino) December 21, 2023

According to Mondino, the decree also allows for the settlement of contracts by the liter of milk or stess. Other provisions in the decree give individuals the freedom to choose the currency to be used – mostly referring to foreign currencies but not outright denying crypto.

Article 1196 of the decree states that “the parties are free to specify the amount and type of money to be used for the bond or surety bond and the method of payment at the conclusion of the lease.”

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Argentina's president, Javier Millay, defeated then-finance minister Sergio Massa to appoint Mondino as foreign minister. Many in the space saw Miley's victory as a positive sign for crypto adoption in Argentina.

Miley came to power amid high inflation across the country. The Economic Proclamation followed his first national address, outlining measures to address Argentina's economic concerns. “Long live freedom,” the president tweeted.

Argentina's president once referred to Bitcoin as a movement to “bring money back to its original creator, the private sector.” He has not spoken publicly about the digital assets since his inception.

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