According to the report by The Block, Argentina has “approved and confirmed” Bitcoin as a currency for official contracts following the election of President Javier Milei, who is friendly towards cryptocurrencies. Diana Modino, the Minister of Foreign Affairs, International Trade, and Religious Affairs of Argentina, stated on the X platform on Friday (22nd) that “debtors must deliver the corresponding amount in the designated currency, regardless of whether the currency is legal tender in the Republic.” Modino did not provide details of any new measures regarding cryptocurrencies that the government may plan to take, but the early recognition of Bitcoin is consistent with President Milei’s currency policy view in the face of severe currency inflation and devaluation issues in the country. As the Argentine peso continues to depreciate, some Argentines have started to accept digital currencies, while others still choose to engage in illegal currency transactions. According to a previous report by Zombit, Julian Colombo, the CEO of the cryptocurrency exchange Bitso Argentina, pointed out in April this year that local people often carry a large amount of peso banknotes to the “black market” (cuevas) to exchange for “blue dollars.” He also stated that since the beginning of the COVID-19 pandemic, local people have “largely relied on using cryptocurrencies to hold dollars in their digital wallets, and the use of stablecoins has made it possible.” Relevant reports: “Bitcoin advocate Milei elected President of Argentina, advocated closing the central bank to save the economy” and “Argentina trapped in inflation crisis, MicroStrategy founder suggests embracing Bitcoin.”
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