Argentina Repeals Forced Legal Tender Laws for Contracts, Confirms Debts Can Now Be Settled in Bitcoin

Argentina’s new leader Javier Milei unveiled a series of measures to deregulate the country’s struggling economy, eliminating or changing more than 300 rules, including on rent and labor practices.”The goal is to start along the path to rebuilding the country… and start to undo the huge number of regulations that have held back and prevented economic growth,” Milei said in a televised speech.Nestled in the 83-page package is a clause that could also lay the foundations for the new Argentinian economy. It stipulates that contractual obligations and debts can be expressed and settled in a foreign currency, even when it is not legal tender in Argentina.In a statement on X, Argentina’s Minister of Foreign Affairs, Diana Mondino, has confirmed the country’s stance on embracing Bitcoin for contractual agreements:”We ratify and confirm that in Argentina contracts can be settled in Bitcoin. And also any other crypto and/or species such as kilos of steer or liters of milk,” said Mondino referring to the Article 766 of the decree.”Art 766. – Obligation of the debtor. The debtor must deliver the corresponding amount of the designated currency, whether the currency is legal tender in the Republic or not,” she added in the message.Other provisions within the decree also allow individuals the freedom to select the currency of their choice.

.@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. 🇦🇷 https://t.co/boGtke21Em

— Samson Mow (@Excellion) December 21, 2023

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