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Argentina approves payments in bitcoins for commercial contracts

Market and Events: Argentina approves payments in bitcoins for commercial contracts

Diana Mondino, Argentina's Minister of Foreign Affairs, International Trade, announced that Bitcoins will be used in contracts and for payments in the country. As part of economic reform and deregulation, the decree will allow the use of cryptocurrencies under certain conditions.

The decree "Fundamentals for the Reconstruction of the Argentine Economy," passed on Dec. 20, made no mention of cryptocurrency, but included provisions allowing companies to use currencies not recognized as legal tender in Argentina.

Mondino said that in Argentina, contracts can now be settled in Bitcoin. She also noted that the decree allows contracts with payment in different currencies, including foreign currencies, without explicitly denying cryptocurrency.

Argentine President #Javier Milei appointed Mondino as foreign minister after defeating former finance minister Sergio Massa. Many believe this is a positive signal for the introduction of cryptocurrency in Argentina.

Milei came to power amidst ongoing #inflation across the country. The economic decree was published after his first national address in which he promised to reform the economy and attract investment. Including the ability to use Bitcoins in contracts and payments could be one step in that direction.

Argentina has long been plagued by economic problems, including high inflation, devaluation of the national currency, and restrictions on the movement of capital. The use of cryptocurrencies, such as Bitcoin, could help alleviate these problems and attract investment to the country.

However, security and regulatory issues remain open. Cryptocurrencies can be susceptible to hacking and fraud, and the lack of regulation can create problems with financial controls and anti-money laundering.

Nevertheless, the decision to use #Bitcoins in contracts and payments in #Argentina can be seen as a positive step towards economic reform and modernization. It may stimulate the development of the cryptocurrency sector in the country and attract new investments.

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