Contracts in Argentina can be concluded in cryptocurrencies, meat or milk: minister

The economic deregulation measures announced on Wednesday by Argentina’s President Javier Milei will allow contracts to be signed in the South American country in any currency of choice, from cryptocurrencies to kilos of cattle or liters of milk, Secretary of State Diana Mondino said.

“We ratify and confirm that contracts can be concluded in Bitcoin in Argentina,” Chancellor Mondino – an economist by profession – said in a message published on her official profile on the social network X (formerly Twitter). refers to one of the best known and most traded cryptocurrencies.

Later, the head of Argentina’s diplomacy added in another message that “any other cryptocurrency and/or any other type can be used.” Kilograms of cattle or liters of milk.”

In addition, the economist reproduced an article from the country’s Civil and Commercial Code, reformed by the Milei Decree, which says: “The debtor’s obligation exists.” supply the corresponding value of the specified currency, regardless of whether the currency is legal tender in the Republic or not.”

In other words, in Argentina, traditional payment methods can be used, such as the US dollar, the euro or the Chinese yuan, but also cryptocurrencies or benefits in kind.

Mondino’s mention of benefits in kind (with meat or milk) recalls the phenomenon of “exchange” that became normal in Argentina 22 years ago, after the social, economic and political crisis of December 2001, which led to the banking crisis and the departure of the Fernando de la Rúa of the Presidency of the Republic (1999-2001).

The exchange of goods and services took place without money, a symbolic survival strategy during the crisis, when, in addition to the lack of resources and labor, the amount of money in circulation decreased.

During the economic crisis in the South American country, aggravated by the Covid-19 pandemic, Argentines once again resorted to barter, organizing the exchange of clothes, toys or appliances, the food they need for everyday life . (EFE)

Source: La Neta Neta