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Argentina recorded its first ever rental agreement involving Bitcoin (CRYPTO: BTC) as a mode of payment between parties.
What Happened: Rosario, the third most populous city in Argentina, saw the first rental agreement signed between a local landlord and a tenant wherein the monthly rent payment will be in Bitcoin, local newspaper Pagina 12 reported.
The monthly payment under the sealed contract will amount to an equivalent of 100 USDT in Bitcoin. USDT is the stablecoin trading at a 1:1 peg with the dollar, resulting in the monthly rent amounting to 0.0021 BTC.
Fiwind, a local crypto platform, will be used to transfer the funds. The parties to the contract are experienced crypto users.
Why It Matters: The step follows the latest legal amendments by newly-elected president Javier Milei.
Milei's new administration passed amendments to Argentinian rental laws, stipulating that payment in new rental contracts can happen in domestic or foreign currency.
In the last week of December 2023, Argentina's foreign minister Diana Mondino confirmed that contracts in Argentina can be agreed upon in Bitcoin.
The “Bases for the Reconstruction of the Argentine Economy” decree, passed on Dec. 20, 2023, did not mention cryptocurrency specifically but included provisions that debtors had the choice to pay in currencies not recognized as legal tender in Argentina.
Read Next: Crypto Crackdown Looms in Argentina As Milei's Bill Demands Full Disclosure
Image: Pixabay
