Argentina has introduced a significant change in its contract law, enabling agreements to be made in various currencies, including cryptocurrencies like Bitcoin, as well as unconventional units like kilograms of beef and liters of milk. This development was confirmed by the Foreign Minister, Diana Mondino, through a tweet.
The change, announced on Wednesday and confirmed on Thursday, follows a series of new measures introduced by President Milei through a Decree of Necessity and Urgency (DNU). The decree amends the Civil and Commercial Code, enacted in 2015, reverting to provisions similar to the previous Civil Code. This amendment implies that debts incurred in a specific currency or unit must be repaid in the same.
The revised article, formerly Article 766 of the current Civil and Commercial Code, broadens the scope of monetary transactions. It allows for the coexistence of various currencies and units within the Argentine economy, whether or not they have legal tender status in the Republic. This move by the Argentine government represents a significant step towards diversifying economic transactions and embracing digital currencies, reflecting the evolving nature of global financial practices.
