May Be Accepted
Argentina’s Minister of Foreign Affairs Felipe Solá recently announced that the country would allow contracts to be settled in Bitcoin. He noted that the use of additional cryptocurrencies, such as Ether and Ripple, could also be accepted in the future.
The announcement was part of a larger drive by the country to increase the use of blockchain technology in areas such as payment services, finance, government services, and more. Cryptocurrency has long been a popular form of payment in the country, and the government is now looking to take advantage of the technology to help streamline operations.
The acceptance of Bitcoin and other cryptocurrencies as valid forms of payment for contracts and services will open up new opportunities for citizens and businesses alike. Not only will it directly help with financial transactions, but it could also potentially reduce the frictional costs associated with traditional forms of payment, such as wire transfers.
The move has since been welcomed by cryptocurrency industry experts, who believe it could kickstart a wave of innovation across multiple industries. It has been speculated that other countries in the region may soon follow suit.
