Argentina has achieved a major milestone in the adoption of cryptocurrency by finalizing one of the first lease agreements with bitcoin payments. La Capital, a local news outlet in Argentina, reported that the historic Bitcoin-settled lease agreement was recently signed in Rosario City, marking a significant step forward in crypto adoption in the nation.
Under the terms of the agreement, the tenant is required to pay the equivalent of $100 USDT in Bitcoin to the landlord each month. Fiwind, a national cryptocurrency exchange, has been chosen as the provider of the reference bitcoin price for these payments. Additionally, the contract specifies that the tenant must make the payments within the first five days of each month to an address provided by the landlord.
Although previous records existed for real estate sales settled in bitcoin, this lease agreement is the first of its kind in Argentina, according to local sources.
Diana Mondino, the Minister of Foreign Affairs of Argentina, affirmed that the application of the emergency executive order issued by President Javier Milei has paved the way for lease agreements to be settled in bitcoin, other cryptocurrencies, and different assets. However, the legality of the executive order is currently under review by the courts, and some segments have been temporarily suspended pending a final decision. Furthermore, the order may be revoked if it is rejected by both chambers of Congress.
Nevertheless, the executive order provides a legal basis for tenants and landlords to enter into lease contracts denominated in bitcoin, allowing them to circumvent the need to transact in Argentine pesos, the country’s struggling national fiat currency. This development aligns with the ongoing trend of governments and individuals recognizing the benefits of using cryptocurrency as a medium of exchange and store of value in various transactions.
