Argentina’s government has approved Bitcoin to be used for contractual agreements.

This development follows the election of President Javier Milei, known for his positive stance on cryptocurrencies. Diana Modino, the country’s Minister of Foreign Relations and International Commerce, announced on X that Bitcoin, along with other cryptocurrencies, can now be used as a valid currency in legal contracts in Argentina.

In her statement, Modino emphasized the flexibility of contractual agreements in Argentina, highlighting that they can be based on various units of value, including traditional ones like kilos of beef or liters of milk. Her post referenced an existing law, underscoring the legal foundation for this decision.

While Modino did not delve into specific future policies regarding cryptocurrency, this acknowledgment of Bitcoin aligns with President Milei’s broader monetary strategy. This strategy is especially pertinent given the ongoing challenges of hyperinflation and devaluation of the local currency in Argentina.