Argentina’s new President, Javier Milei, has issued over 350 economic deregulations, including allowing Bitcoin and other cryptos to be used for contracts, as part of his libertarian agenda to revive the country’s economy.
Javier Milei, who took office on December 10, 2023, has announced a radical economic policy based on libertarian principles. He has issued over 350 economic deregulations aimed at removing industry barriers, reducing government intervention, and boosting market freedom. He has also declared a state of emergency, claiming that the country’s economy is in a dire situation after years of high inflation, currency devaluation, and financial controls.
One of the most notable deregulations issued by Milei is the acceptance of Bitcoin and other cryptos as a legitimate means of payment for contracts. This means that people in Argentina can now make or agree to contracts in Bitcoin or any other cryptocurrency within the country without any legal restrictions.
This also applies to other kinds of contracts, such as those denominated in commodities, such as beef or milk. This is a global first for sovereign governments, as no other country has officially recognized Bitcoin or other cryptos for contracts.
Milei’s Chancellor, Diana Mondino, has confirmed this move on her X account, a popular social media platform in Argentina. She has quoted Article 766 of the Civil and Commercial Code, which states that the debtor must deliver the corresponding amount of the designated currency, whether the currency has legal tender in the Republic or not. She has also ratified and confirmed that contracts can be agreed upon in Bitcoin or any other crypto or kind in Argentina.
Milei, who is a well-known economist and libertarian, has expressed his favorable opinions about Bitcoin in various interviews. He has praised Bitcoin for its decentralized, transparent, and scarce nature and has contrasted it with the Central Bank’s “scam,” which he blames for the country’s economic woes.
He has also said that Bitcoin is the “natural answer” to the Central Bank’s manipulation and corruption and that it can empower the people and restore their autonomy and opportunity.
However, Milei has not suggested making Bitcoin legal tender, unlike El Salvador, which became the first country to do so in September 2021. He has also not revealed any plans to adopt Bitcoin as a reserve asset or to promote its adoption among the public. Milei has focused on allowing Bitcoin and other cryptos for contracts as part of his broader economic deregulation agenda.
