[NEW] Argentine government allows use of cryptocurrencies such as Bitcoin for contracts and payments

The Argentine government has approved the use of cryptocurrencies such as Bitcoin (BTC) in contracts and payments. Diana Mondino, Minister of Foreign Affairs and International Trade, announced this on her X (formerly Twitter) account on the 22nd.

On the 20th, Argentina passed a decree on economic reconstruction, which stated that debtors can use currencies that are not recognized as legal tender in the country as payment currencies.

According to Mondino, the decree also allows for items such as beef and milk to be used for payment in addition to cryptocurrencies.

Last month, Javier Milley, who advocates anarcho-capitalism, was elected president of Argentina. He took office on the 10th of this month.

Argentina is suffering from record hyperinflation, but President Milley said that the cause of this situation "lies in the central bank" and has shown an attitude of carrying out fundamental reforms.

He is also known for his positive outlook on Bitcoin. Therefore, when President Milley was elected as the new president, the price of Bitcoin also rose, reaching a new record high in pesos.

Promoting bold reforms

With President Milley's inauguration, a policy to abolish over 300 regulations was announced. On the 20th, he stated that he would promote 30 reform proposals, including the abolition and privatization of state-owned enterprises, and emphasized that he would "make Argentina a strong country again" by reducing the fiscal deficit.

Bold economic policies are already being implemented in Argentina, and President Milley has shown a proactive attitude to overcome the fiscal crisis, such as devaluing the legal currency, the peso, by 54% on the 12th, shortly after taking office.

At this point, it is unclear whether policies regarding cryptocurrencies, including Bitcoin, will be promoted in the future.

Reference:Mondino X
Image: Shutterstock

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