The economic deregulation measures announced by the US government on Wednesday President of Argentina, Javier Mileiwill allow contracts to be agreed in the South American country in any designated currency, from cryptocurrencies to kilos of veal or liter of milkthe Minister of Foreign Affairs assured on Thursday: Diana Mondino.
‘We ratify and confirm that Argentina contracts can be agreed in Bitcoin,” Chancellor Mondino – an economist by profession – said in a message published on her official profile on the social network.
Then, the head of Argentina’s diplomacy added in another message that “any other cryptocurrency and/or types such as kilos of bull or liters of milk” may be used.
And also any other crypto and/or species such as kilos of bull or liters of milk.
Art 766. – Obligations of the debtor. The debtor must deliver the corresponding amount of the designated currency, regardless of whether the currency is legal tender in the Republic or not.
— Diana Mondino (@DianaMondino) December 21, 2023
In addition, the economist reproduced an article by Civil and Commercial Code of the Nation, reformed by decree of Mileispecifying that “the obligation of the debtor is to deliver the corresponding amount of the designated currency, regardless of whether the currency is legal tender in the Republic or not.”
That’s in Argentina Traditional payment methods such as US dollar, euro or Chinese yuan, but also cryptocurrencies or payments in kind.
Mondino’s mention of payments in kind (with meat or milk) is reminiscent of the phenomenon of ‘barter’ that became normalized in Argentina 22 years ago, after the social, economic and political crisis of December 2001 that led to the ‘corralito’ banking and the departure of Fernando de la Rúa from the presidency of the republic (1999-2001).
The exchange of goods and services without money was thus an emblematic survival strategy during the crisis, when, in addition to the lack of resources and work, it had also reduced the amount of money in circulation.
During the economic crisis, deepened by the covid-19 pandemic In the South American country, Argentines again resorted to barter, organizing to exchange clothes, toys or household appliances for the food they needed for daily life.
Source: El heraldo
Karen Clayton is a seasoned journalist and author at The Nation Update, with a focus on world news and current events. She has a background in international relations, which gives her a deep understanding of the political, economic and social factors that shape the global landscape. She writes about a wide range of topics, including conflicts, political upheavals, and economic trends, as well as humanitarian crisis and human rights issues.
