According to The Block, Argentina has “approved and confirmed” that Bitcoin can be used as currency for official contracts after the election of cryptocurrency-friendly President Milei. Argentina’s Minister of Foreign Affairs, International Trade and Religious Affairs, Diana Modino, stated on the X platform on Friday (22nd) that debtors must deliver the specified currency amount, regardless of whether the currency is legal tender in the Republic. Modino did not provide details of any new cryptocurrency-related measures the government may plan to take, but the early recognition of Bitcoin aligns with President Milei’s currency policy views in the face of severe local currency inflation and devaluation issues. With the Argentine peso constantly devaluing, some Argentinians have begun accepting digital currencies, while others still choose to engage in illegal currency transactions. According to a previous report by Zombit, Julian Colombo, CEO of the cryptocurrency exchange Bitso Argentina, pointed out in April of this year that locals often carry large amounts of pesos to “cuevas” to exchange for “blue dollars”. He also stated that since the start of the COVID-19 pandemic, locals have “largely relied on using cryptocurrencies to hold dollars in their digital wallets, and the use of stablecoins has made it possible”. Related reports: “Bitcoin supporter Milei elected President of Argentina, once advocated closing central bank to rescue economy” and “Argentina deep in inflation crisis, MicroStrategy founder suggests embracing Bitcoin”.