Argentina's Minister of Foreign Affairs, International Trade, and Religion, Diana Mondino, has made a significant announcement regarding the legal use of cryptocurrencies like Bitcoin in the country. In a post on X (formerly known as Twitter) dated December 21, Mondino clarified that the recent economic reform decree, dated December 20, would permit the use of Bitcoin and other cryptocurrencies under certain conditions. Although the decree, titled “Fundamentals for the Reconstruction of the Argentine Economy,” did not directly reference cryptocurrencies, it included a provision allowing debtors to make payments in currencies not officially recognized as legal tender by Argentina.
Mondino explicitly confirmed the new policy, stating, "We approved and confirmed that contracts can be settled in Bitcoin in Argentina, and any other cryptocurrency." She further mentioned that the decree also permits unconventional means of settling contracts, such as using liters of milk or veal. The decree generally grants individuals the liberty to choose their preferred type of currency for transactions, primarily foreign currencies, without specifically excluding cryptocurrencies.
Article 1196 of the new Act plays a crucial role in this change, stating, “The parties are free to specify the amount and currency type of the security deposit or security deposit and the manner of its repayment after the end of the lease.” This provision opens up new possibilities for the use of digital assets in financial transactions within Argentina. The appointment of Diana Mondino as the foreign minister by Argentine President Javier Milei, who defeated the then-Finance Minister Sergio Massa in the election, is seen as a positive development for cryptocurrency adoption in Argentina.
President Milei assumed office amid significant inflationary pressures in the country. The economic decree, which he issued following his initial address to the nation, outlines various measures aimed at addressing some of Argentina's pressing economic challenges. Celebrating the bill's passage, President Milei tweeted, "Long live Liberty."
Despite his positive stance towards economic liberalization, President Milei has not publicly commented on digital assets since taking office, although he once described Bitcoin as a movement to “return money to its original creators – the private sector.” His administration's latest decree marks a potentially significant shift in Argentina's approach to cryptocurrencies and digital assets.
