Argentina Legalizes Bitcoin for Contracts and Payments
The recent election of President Javier Milei, who is supportive of cryptocurrencies, has led to Argentina legalizing the use of certain currencies in contracts and payments. While the decree passed on December 20 did not specifically mention Bitcoin, Minister Diana Mondino confirmed that Bitcoin could be used in contracts. She also mentioned that other forms of “crypto” could be used along with cows and liters of milk to settle contracts. This move comes as Argentina continues to suffer from rampant inflation, with BTC prices in local currency reaching all-time highs. There are speculations that Argentina may follow El Salvador’s lead in making Bitcoin legal tender in 2024.
El Salvador Grants Citizenship to Bitcoin Investors
In related news, El Salvador has passed a law granting expedited citizenship to foreigners who make “donations” in Bitcoin to government programs. The legislation does not specify a minimum donation requirement, but there is expected to be one. Additionally, El Salvador’s Bitcoin investment tracker shows that the country now holds $122 million worth of BTC.
Hot Take: Argentina Embraces Bitcoin Amidst Inflation Crisis
Argentina’s decision to legalize the use of Bitcoin in contracts and payments reflects the growing acceptance and adoption of cryptocurrencies worldwide. With the country experiencing high inflation rates, many Argentinians are turning to Bitcoin as a store of value and means of transacting. This move aligns with President Milei’s pro-crypto stance and could potentially pave the way for more countries to follow suit. As cryptocurrencies continue to gain mainstream recognition, their role in global economies is evolving rapidly.
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