Argentina’s Foreign minister, Diana Mondino, has confirmed that the country will begin recognizing Bitcoin, other cryptocurrencies, and food as legally accepted currencies for entering into contractual agreements.
The mega-liberalization decree
A mega decree designed to deregulate the Argentine economy on a large scale. It is called ‘Bases for the reconstruction of the argentine economy‘ and was presented on December 20 by President Javier Milei. In the video released by the government, 30 of the over 300 waivers and provisions included in the proposal were presented and will now be submitted for approval by the Chambers.
Among other things, the decree establishes the repeal of the law on procurement that ensures quotas of goods for the domestic market; the law on national purchases that requires the State to prioritize local businesses for contracts and concessions; laws on industrial and commercial promotion; and the law preventing the privatization of state-owned companies.
The Foreign minister mentions Bitcoin
Regarding commercial exchanges, the decree does not specifically mention Bitcoin but includes provisions for currencies not recognized as legal tender. In a post on X, Foreign minister Diana Mondino stated that Argentine citizens will now have the option to use Bitcoin in the execution of contracts. The minister also mentioned that it will be possible to use other cryptocurrencies as well as certain types of food, such as kilograms of beef or liters of milk.
“We ratify and confirm that in Argentina contracts can be entered into using Bitcoin. Also, any other cryptocurrency and/or food such as kilograms of beef or liters of milk.
Art. 766. – Obligation of the debtor. The debtor must deliver the corresponding amount in the designated currency, regardless of whether the currency has legal tender in the Republic.”
The protests against liberalization
Following the government’s announcement, protests erupted across the country: thousands of people took to the streets in Buenos Aires, Cordoba, Rosario, Santa Fe, and Mar del Plata. In Cordoba, clashes between protesters and the police were reported.
