Argentina’s new President, Javier Milei, has wasted no time in implementing a libertarian economic agenda. In a bold move, he has issued over 350 economic deregulations aimed at removing barriers in various industries. One of these deregulations is the acceptance of Bitcoin and other cryptocurrencies as legitimate means of payment for contracts.
Chancellor Diana Mondino has confirmed that starting today, contracts can be made or agreed upon in Bitcoin or any other cryptocurrency within the country. This move is a global first for sovereign governments and opens the door to private contracts denominated in emerging assets like Bitcoin.
President Milei and policy leaders have framed these actions as emergency measures to reconstruct Argentina’s damaged economy, which has suffered from high inflation and financial controls. Milei believes that extensive deregulation will restore autonomy and opportunity that government intervention has eroded over time.
By embracing cryptocurrencies, Argentina could potentially unlock new finance options to address its $45 billion debt to the International Monetary Fund. The first payment of $10.6 billion is due in April, prompting urgent action from Milei’s economic team. While the IMF has welcomed the peso devaluation and subsidy cuts, skeptics question the effectiveness of deregulation.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | South America |
| Countries | 🇦🇷 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Javier Milei, Diana Mondino |
| Companies | Central Bank, International Monetary Fund |
| Currencies | Bitcoin |
| Securities | None |
