Argentina repealed forced legal tender laws, enabling debts to be settled in Bitcoin

On December 23, 2023, Argentina repealed forced legal tender laws, which historically mandated the exclusive use of the Argentine peso for settling debts. This decision enabled the use of alternative currencies, including the US dollar and Bitcoin, for financial transactions.
 

The decree, part of a larger economic overhaul by President Javier Milei, aimed to deregulate the economy and open it up to global markets. It was a bold step towards embracing digital currencies and reflected Argentina’s shift towards more liberal economic policies.
 

The decree came into effect amidst a series of reforms introduced by President Milei, who took office with a commitment to implement 300 reforms aimed at dismantling state controls and promoting private enterprise. The reforms included the privatization of state companies, the elimination of regulations on industrial promotion, and the opening of the Argentine market to international trade.
 

The decision to legalize the use of foreign currencies, including Bitcoin, for payment was a part of these sweeping changes. It represented a significant shift from Argentina’s previous economic policies and was seen as a move to combat inflation, encourage foreign investment, and provide more autonomy to the private sector.