Argentina’s new government allows use of Bitcoin in contracts

Is this the first step to officially using Bitcoin?

The new Millei administration in Argentina, South America, has announced that the virtual currency Bitcoin can be used in contracts.

The administration’s Minister of Foreign Affairs and International Trade, Diana Modino, posted on X on the 22nd announcing the official use of Bitcoin. In addition to Bitcoin, other virtual currencies can also be used.

However, Modino did not explain whether the government is planning any new measures related to cryptocurrencies.

In a country suffering from hyperinflation, Rep. Javier Millay, a Bitcoin supporter and advocate of “anarcho-capitalism,” was elected president last month and took office. President Millais advocated the abolition of central banks and the merits of Bitcoin, but the core of the new administration’s monetary policy announced after the election was not virtual currency or Bitcoin, but complete conversion to the US dollar. .

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Last week, President Milay announced a more than 50% devaluation of the peso’s exchange rate, and on the 21st announced that he would promote more than 300 economic reforms to rebuild the economy, including the privatization of state-owned enterprises and the removal of export restrictions. It had just been announced. Following the announcement of economic reforms, the country’s leading stock index, SP MERVAL, soared more than 5% at one point.

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