Argentina’s new government has confirmed that contracts denominated in Bitcoin can be officially recognized by the country’s courts.
This significant decision was confirmed on Thursday, December 21 in a post on X (formerly Twitter) by Argentina’s foreign minister.
The adoption of cryptocurrency was an integral part of Argentina’s new President Javier Milei’s campaign manifesto.
The historic tweet also emphasizes the broader acceptance of various cryptocurrencies and even other commodities like kilograms of beef or liters of milk, as per existing law.
While specific government measures related to crypto were not disclosed, this early acknowledgment aligns with President Milei’s perspective on countering financial inefficiencies and corruption through Bitcoin.
As Argentina grapples with severe hyperinflation and currency devaluation issues, the move is seen as a potential first step toward broader crypto adoption. Some believe that if South America’s second-largest economy embraces bitcoin more widely, it could influence the global use of cryptocurrencies.
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