Diana Mondino, the Minister of Foreign Affairs, International Trade, and Worship in Argentina, has affirmed that the recent approval of the “Bases for the Reconstruction of the Argentine Economy” decree extends the legal recognition of specific currencies in contracts and payments to include Bitcoin (BTC) and other cryptocurrencies.
In a Twitter post on December 21, Mondino clarified that the decree, sanctioned on December 20, permits the utilization of BTC and other digital currencies within Argentina, subject to certain conditions. Although the decree does not explicitly mention cryptocurrencies, it encompasses provisions allowing debt settlement in currencies not officially acknowledged as legal tender in Argentina. Mondino emphasized, “We affirm that contracts in Argentina can be fulfilled using Bitcoin and any other crypto.”
Article 1196 of the decree grants parties the freedom to specify the currency types and amounts for bonds or security deposits, as well as the reimbursement method upon the conclusion of a lease.
This regulatory development follows the election of President Javier Milei, who appointed Mondino as the foreign minister. Milei’s victory was perceived as a positive signal for cryptocurrency adoption in Argentina, given his prior endorsement of Bitcoin and his belief in the significant role of the private sector in monetary systems. Amidst escalating inflation in the country, Milei addressed Argentina’s economic concerns in his first national address, which included the economic decree featuring crypto-friendly provisions.
While Milei has not made public statements about digital assets since assuming office, his appointment of Mondino and the incorporation of crypto-friendly elements in the decree suggest a potential shift in Argentina’s approach to cryptocurrencies.