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Following the election of Javier Milei, known as a friend of Crypto, Argentina has confirmed and verified its acceptance of Bitcoin as a currency in official contracts.
Argentinian foreign affairs and international trade minister Diana Modino, confirmed in a statement at X, “We confirm and verify that you can agree on contracts made with Bitcoin in Argentina. She said.
She added, “And maybe any other kind of crypto or a bunch of beef or something like liters of milk.” By publishing an article of the current law.
Modino, remained insufficient in providing detailed information about new measures related to crypto that the government might plan, but the early approval for the world’s largest cryptocurrency is in line with the views on monetary policy of newly-elected President Milei due to serious problems with hyperinflation and the global currency of the local currency.
Milei views Bitcoin as a very important tool to resist the inefficiencies and corruptions of central financial systems, as stated in a report by Grayscale Investments last month. If the second-largest economy in South America starts using Bitcoin more frequently, it could catalyze the use of crypto worldwide.
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First Step
Some Argentinians are embracing digital currencies as the value of their local pesos drops, while others still prefer to trade illegal money.
While the confirmation may not be a surprise for some, Argentina officially approving the use of bitcoin in contracts could be the first step towards potentially adopting crypto on a larger scale in the country.
Last month, after Milei’s election, Ledn co-founder Mauricio Di Bartolomeo commented, “Argentinians will soon be able to legally transact with bitcoin and stablecoins.”