- Argentina passed a new decree allowing for contracts and payments to be settled in cryptocurrencies like Bitcoin, part of the country’s economic reform push under new leadership.
- The decree enables using Bitcoin and crypto for contract settlements, following President Javier Milei’s election. Milei has spoken positively about Bitcoin before.
- While unclear how widely used crypto will become in Argentina, the decree opens the door for greater crypto adoption under Milei’s market-friendly administration.
Argentina has passed a new decree allowing for contracts and payments to be settled in cryptocurrencies like Bitcoin. This development comes as part of the country’s push for economic reform under new leadership.
Decree Opens Door for Crypto Payments
On December 21, Argentina’s Minister of Foreign Affairs Diana Mondino announced on Twitter that the country’s new decree enables using Bitcoin and other cryptocurrencies to settle contracts.
The decree, called “Bases for the Reconstruction of the Argentine Economy”, was passed on December 20. While it does not explicitly mention cryptocurrencies, it states that debtors can choose to pay in currencies not recognized as legal tender in Argentina.
According to Mondino, this means Bitcoin and other cryptocurrencies are now options for contract settlements in the country. The decree also allows for payments in other assets like milk or cattle.
Milei Administration Pushes Economic Reform
The decree follows the election of President Javier Milei, who appointed Mondino as foreign minister. Milei came into power amid high inflation in Argentina, and the decree is part of his administration’s push for economic reform.
In the past, Milei has spoken positively about Bitcoin, referring to it as a return of money creation to the private sector. However, he has not directly addressed cryptocurrencies since taking office.
The passage of this decree to deregulate currency restrictions is seen by many as a good sign for future crypto adoption under Milei’s administration. After its approval, Milei celebrated the new “economic freedom” enabled by the reform.
While it remains to be seen how widely used Bitcoin will become for payments in Argentina, this decree opens the door for cryptocurrencies to play a larger role in the country’s financial system. The Milei administration has so far taken a market-friendly stance toward digital assets.