Argentina Approves Bitcoin for Contracts, Taking Step Towards Cryptocurrency Integration
In Brief
Argentina’s Minister Diana Mondino announced the confirmation of agreements on contracts involving Bitcoin and other cryptocurrencies.
Argentina’s Minister of Foreign Relations and International Commerce, Diana Mondino, officially announced the ratification and confirmation of agreements on contracts involving Bitcoin and other cryptocurrencies. The details of the existing law were disclosed on X (formerly Twitter).
The contry’s early endorsement of the world’s largest cryptocurrency aligns with the monetary policy perspectives of recently-elected President Javier Milei, who has been outspoken about addressing severe issues of hyperinflation and devaluation in the local currency.
As a libertarian and vocal Bitcoin supporter, President Milei sees the cryptocurrency as a pivotal tool in combating inefficiencies and corruption within centralized financial systems. His potential policies include giving Bitcoin and other cryptocurrencies a more prominent role in the nation’s economy.
This shift could offer an alternative to the traditional financial system, potentially serving as a safeguard against inflation and central bank policies while enhancing financial freedom and privacy for Argentinians.
Cryptocurrency Adoption in Argentina
Argentina is known for having the highest cryptocurrency adoption rate in Latin America, driven by factors such as citizens’ motivations to circumvent inflation and capital controls.
The estimated cryptocurrency usage in Argentina stands at around 12%, surpassing rates observed in other countries in the region. Additionally, the country hosts a substantial Bitcoin mining industry, taking advantage of cheap electricity and the devaluation of the peso.
Argentina’s recent formal approval of Bitcoin for use in contracts marks the first step, hinting at the possibility of the country embracing cryptocurrencies on a larger scale in the future.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
