New Argentina President Legalizes All Foreign Currencies For Payment – Including Bitcoin
Argentina’s newly elected leader, Javier Miliei, has struck down forced legal tender laws forcing Argentinians to settle debt obligations in specific currencies, enabling use of alternatives like USD and Bitcoin (BTC).
The rule comes attached to a sweeping executive order repealing over 300 laws, aiming to deregulate and rebuild the Argentinian economy. It also fuliflls one of Miliei’s chief campaign promise to enable local currency competition and help “dollarize” the nation.
“It is necessary to respect the will of citizens to agree on the forms of cancellation of their obligations to give sums of money, without distinction of the legal tender or not of the currency that is determined,” read a translated version of the decree on Wednesday.
The nation’s minister of foreign affairs clarified on Thursday that contracts can now be “agreed in Bitcoin,” alongside virtually any other crypto or physical good including “kilos of steer or liters of milk.”
Though not explicitly targeted towards crypto, industry influencers view the bill as a step along the path toward Bitcoin (BTC) adoption, a currency proponents claim can help members of unstable economies escape hyperinflation.
The asset has a programmatic supply cap of 21 million coins, unlike the Argentinian peso, whose supply rose by an equivalent of 20% of the nation’s GDP under the previous administration’s rule.
.@JMilei has legalised the use of all foreign currencies in Argentina, including #Bitcoin. Not every country has to make Bitcoin legal tender; each country will have their own unique path. All roads lead to @BTC.
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