Argentina Recognizes Bitcoin (BTC) as Official Currency
Bitcoin/Crypto has become one of the most talked about in global financial sector in the last decade. its emergence took the global financial market by storm and even with some controversies, it continues to wax stronger.
Countries like Nigeria that frowned on its transactions is now relaxing its stance and has now removed the ban it placed on crypto transactions.
The Latin country El Salvador was the first country in the world to adopt Bitcoin as a legal tender, followed by the Central African Republic (CAR). However, recent news has reported that Argentina has officially recognized Bitcoin as currency.
Argentina’s new government led by President Javier Milei, has ratified and confirmed that Bitcoin can serve as a valid currency in legally binding contracts and such contracts can be officially recognized by the country’s courts.
This news was confirmed on Thursday, December 21 in a post on X (formerly Twitter) by Argentina’s foreign minister, Diana Mondino.
The adoption of cryptocurrency was an integral part of Argentina’s new President Javier Milei’s campaign manifesto.
The Minister in her post affirms that in Argentina you can agree on contracts in Bitcoin. The 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.
Specific government measures related to crypto were not disclosed in the post, however, citizens are not surprised on this early acknowledgment as it aligns with President Milei’s view on countering financial inefficiencies and corruption through Bitcoin.
According to Mauricio Di Bartolomeo, co-founder of Ledn, Argentinians can expect to legally transact in bitcoin and stablecoins soon.
This formal approval of bitcoin in contracts represents a major development in Argentina as many Argentinians in recent years have embraced digital currencies like Bitcoin and USD denominated stablecoins given that the local peso has eroded in value.