Argentina now allows Bitcoin-denominated private agreements

Share this article

Argentina’s new President, Javier Milei, swiftly promised to implement a libertarian economic agenda. Overnight, he issued over 350 economic deregulations aimed at removing industry barriers, both old and new. One of these new regulations is the acceptance of Bitcoin and other cryptos as a legitimate means of payment for contracts.

Chancellor Diana Mondino has confirmed that starting today, it will be possible to make or agree to contracts in Bitcoin or any other crypto within the country on her X account:

“We ratify and confirm that in Argentina, contracts can be agreed upon in Bitcoin. And also in any other cryptocurrency and kind, such as kilograms of beef or liters of milk. Article 766 – Obligation of the debtor. The debtor must deliver the corresponding amount of the designated currency, whether the currency has legal tender in the Republic or not.”

The move even opens the door to private contracts denominated in emerging assets like Bitcoin, a global first for sovereign governments. President Milei and policy leaders framed the dramatic actions as emergency measures to “reconstruct” Argentina’s damaged economy after years of high inflation and financial controls.

Milei believes extensive deregulation returns autonomy and opportunity that prolonged government intervention eroded over time. Everything from sugar production quotas to e-commerce rules faced the ax during what some local media dubbed Milei’s “regulatory demolition day.”

The President has expressed favorable opinions about Bitcoin in various interviews but has not suggested making it legal tender. He has also referred to Bitcoin as the “natural answer” to the Central Bank’s “scam.”

By embracing crypto, Argentina could unlock new finance options to address its $45 billion debt to the International Monetary Fund. The first $10.6 billion payment comes due in April, triggering urgent action from Milei’s economic team. The IMF welcomed the peso devaluation and subsidy cuts, but skeptics question whether deregulation will be effective.

Share this article