Topic: Argentina has officially approved the agreement to legalize the use of Bitcoin (Read 603 times)

Bitcoin is of course believed to be able to revive the financial condition of Argentina and save Argentina from prolonged inflation, but the impact has not been seen quickly, just like El Salvador has just made a breakthrough in making Bitcoin legal tender there, the impact will not be felt quickly, it's just that now the positive impact is starting to be seen.

The booming ICO like a few years ago will never happen again, in the future we will only see cryptocurrencies that are on the top list that will continue to be used and have real use cases.

The decision of Argentina to legalize the use of Bitcoin is indeed a good one and this is expected since the President of Argentina is a pro-Bitcoin enthusiast. However, they need to work on a framework that will boost the country's economy through this decision cause welcoming crypto and decentralized finance is not enough to do the magic.

ICOs are no longer the waves in the market and they are not effective for new projects to raise funds or gain the attention of the general public investors.

Argentina's decision to officially approve the use of Bitcoin marks a significant step in embracing the potential of decentralized finance. This move aligns with the global trend of recognizing the legitimacy of digital currencies. As the crypto landscape evolves, initiatives like ico drops contribute to a better understanding of these innovations, fostering a more informed and engaged community.

If the Argentine government can get all its people to accept Bitcoin and use it like the people of El Salvador do, of course Argentine citizens will immediately create a large crypto community and go viral in the world even though Argentina is not the first country to make Bitcoin legal. However, I think this will not be easy enough for the Argentine government because the population in Argentina is much larger than the population in El Salvador. So it certainly takes time for the government to prepare everything.

Argentina seems to be in an unannounced contest with El Salvador in cases of Bitcoin adoption and integration.

I trust the Argentine President to go hard on Bitcoin adoption policies. The over reliance of local currncies has further strengthened corruption and Bitcoin can solve that ptoblennto a large extent. Although, Bitcoin adoption will be met with oppositions but its gonna be largerly adopted after all is said and done

Another milestone unlocked for bitcoin, making Argentina as the next to El Salvador to legalize bitcoin and make bitcoin as an official currency in the future, or probably a reserved currency from Argentine Peso which will experience devaluation of its peso. And with that, bitcoin is a perfect choice as its value continue to appreciate in time, turning it into a very expensive one.

That's a big step for the country and hopefully it's going to affect bitcoin a bit more significant than El Salvador, they've got more people to cater to and it's unlikely that they're won't mind not trying out bitcoin instead of Argentinian peso which is just going down in value everyday. Congratulations to the crypto community of Argentina, you're going to be the ones that's happy about this announcement of legalization.

NEW: As a result of President Javier Milei's megadecree. The first of its kind rental contract in #Bitcoin    has been signed in Rosario, Argentina. 🇦🇷
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"The agreement clarifies that an amount in ₿itcoin equivalent to 100 USDT will be paid month by month."

Thank you

In a country that has an inflation of nearly 100%, you need to have an alternative currency that can be used in exchange for their particular currency. The government has been the main reason why the inflation in Argentina rose that high, and with the new government, it's good that we are seeing them exploring some new things that might have a good effect in their country, and that includes legalizing Bitcoin.

Though legalizing doesn't mean it is legal tender, it just shows that the government allows their countrymen to use it without any regulations whatsoever. On the other hand, I still wonder how will the legalization of Bitcoin in Argentina affects the country positively. I mean do we see the country decreasing its inflation rate in the next few years with this move? Do we see a better economy ahead with this move by the government? Just curious because I don't hear any positive news regarding El Salvador when they put Bitcoin as a legal tender... or am I the only one that's outdated?

With the current transaction fees of Bitcoin, I doubt that many people in Argentina will use Bitcoin in their daily transactions. Store of value maybe, but for transactions? It's a no-no. Time will tell I guess on what will be the effects of this towards the economy of the country.

He is doing everything through decrees until now. Decrees are delicate and unstable measures, since they can be revoked at anytime by the legislative or judiciary. As I see, the establishment is allowing him to act freely for now. Maybe expecting he commits a serious mistake, to show how authoritarian he is to govern through decrees, or just to have a reason to bargain and blackmail him later. Like, if he wants the decree to remain active, he must do something in exchange...

Until now, everything is working exactly like it worked in Brazil in 2019. High expectations and hopes from the population, an apparent coherent leader with his campaign's proposals, a qualified and technical team of ministers, a government commited with economical responsability. If it lasts for a little more than 1 year, it's already better than the brazilian fiasco. Let's see... Anyway, argentinians have the great opportunity of being paid in BTC for now, and saving their money for the next bull run. I wouldn't waste this golden opportunity!

However, I'm not certain how it works for real. Is the employer forced to pay the employees' wages in BTC, if they wish? And in case the employer doesn't want to pay wages in BTC, neither know how to deal with this, what happens? Is the government acquiring BTC to pay public employees in Bitcoin? How, where and for what rates?

If bitcoin can stay in twenty years to come, I believe that the price of bitcoin will change because of massive adoption of bitcoin, if Argentina Newly elected president adopt bitcoin as a legal tender I believe that with the news other countries will join the lane and start embracing bitcoin as a legal tender, once bitcoin become a legal tender in five different countries I believe that more countries can follow their steps to accept bitcoin as a legal tender and the pressure of government over bitcoin will be subside in terms of allegations and accusations of bitcoin used as a money laundering

Argentinian are witnessing one of their hardest years where inflation are hitting bad records and their money values less and less in a way maybe less than Venezuela or Mozambique but still serious one.
So it is normal to see these people trying to collect something that increases in value or at least has a stable value in order to keep their wealth as it is or increase it and Bitcoin is definitely a better option that the government estimated that it might worth to enter in the banking and the economic system to be exploited accordingly.
I don't know how much people are using Bitcoin in Argentina to know if this will be directed to everyone or selected politicians and businessmen.

It's accepted for those who want to use it, but trust me, not everyone will want to use Bitcoin for means of payment, or even accept it as means of settlement, because it seems many people don't know how crazy the Bitcoin transaction fee has become.

Not all people in the country will be able to afford using Bitcoin as payment option, some will prefer to use other alternative options and I won't blame them, it cost too much to use Bitcoin as money right now and we are just getting started, because very soon it will pissed many newbies off and they will have to choose other digital currencies instead of Bitcoin.

I understand what you meant, if this new is actually true then bitcoin will continue to be recognized by other countries having affiliation with Argentina, but let it not be politically motivated, politicians can make promise to enable them clinch the sit of power, but implementation becomes a mirage after they assume office, I think some Bitcoin enthusiast that are close to the president with his notice can come up with this strategy to boost the awareness of bitcoin in their country, no matter how the news seem to be, the major thing is that bitcoin now have a place in Argentina.

Not only for his country, but other countries may find it inspiring and so some will be motivated to follow their path.
Also, this is good for adoption of bitcoin, because it means, more users may be interested to get into this market.
This move will also eradicate some of the doubts of non crypto users that bitcoin is an illegal entity.
It is only the people who are doing illegal or fraudulent things that make this industry seemed so wrong.

There is no need to create false opinion matrices and in fact everything is Government Announcements, it will take months for it to become effective, in the best of cases, but the measure is so extensive that debts can be paid with animals, that is That is, the means of payment that is accepted is that which has value for the debtor.

Source:Foreign Minister, Diana Mondino/ x : (@DianaMondino) December 21, 2023

The newly elected president of Argentina. Prior to the election, he promised the general public in his country that he would legalize Bitcoin in Argentina if elected. Maybe after he gets elected he is using the roundabouts. But it is being word of mouth yet its formality or its legality has not yet been declared on paper by the Argentine government. But since the newly elected president is discussing Bitcoin legalization, maybe Argentina will soon have Bitcoin legalization on paper. If Argentina legalizes Bitcoin, it will surely be good for the people of its country.

Bitcoin's high fee is only a problem for small transactions. I think for large transactions bitcoin would still be a preferred compared to the logal currency because of it's easy to use features and security. and since it is now legal to use Bitcoin in Contracts it makes it even better for those who usually make large transactions for example Car Dealers and/or real estate companies/agents.

for small wonders, the current fee issue might cause some hesitation.

This will grow bigger and bigger. Nowadays poor nations are doing this, and that's understandable, I can see why they would do something like this and that makes sense, I get that it is not that easy and it is not that tough to handle. But that doesn't mean that we are not going to end up with a situation that would not be all that crazy, it is going to be something quite important to handle.

I believe that the best thing to do in this case would be just making sure that it is going to be poor nations some more, then slowly not so poor nations but not rich level, and then slowly a bit richer, and then eventually rich nations will do it too. It will grow from the bottom up, and it will definitely help everyone around the world as well. This will become a bigger deal when bigger nations of Europe does it, and it will definitely a be a big deal. Legal tender and legalized bitcoin are different, but when taxed and regulated it is just such a bigger deal then we think it could be.