In a move that could have lasting implications on the cryptocurrency community, the newly elected President of Argentina, Alberto Fernández has officially legalized the use of all foreign currencies—including Bitcoin—for payment.
Under the new law, businesses will be able to accept payments in any foreign currency, including Bitcoin and other digital currencies. Additionally, it also legalizes the use of these same currencies for commercial transactions, with companies able to exchange any of the accepted currencies for local currency at the end of the day.
This move could help to introduce a degree of financial stability to the country, with businesses and individuals now able to hedge against the volatility of the local Peso. As for Bitcoin, it could potentially provide the country with a method of making and receiving payments more efficiently, as citizens are no longer forced to rely exclusively on the Peso or physical US dollars.
In the short-term, it remains to be seen whether this change will have any significant implications for the cryptocurrency sector. The move could act as encouragement to start-up companies in the space, as well as provide more of a friendly environment for them to operate in. Additionally, it could lead to an increased use of cryptocurrency from local businesses, as they now have easier access to more payment options.
In any case, this is certainly a positive move for the cryptocurrency industry, and could have far-reaching implications for the future of the space. As the global cryptocurrency market continues to expand and become more visible, it’s more important than ever that regulations and laws are put in place to ensure a secure and safe environment for investors and consumers alike. With Argentina taking the lead in this regard, it’s likely to spur other countries to provide similar legislation in order to remain competitive.
