Argentine Tenants Lead Crypto Adoption, Pay Rent in BTC Under Novel Contract – Pesos Out, Bitcoin In?

cryptonews.com:

Argentina’s third most populated city Rosario recently saw an unprecedented rental agreement that signifies a major milestone for crypto adoption in the country. A local landlord and tenant signed Argentina’s first-ever Bitcoin rental contract, as reported by the local newspaper Paginal 12 on January 11.

According to the report, the contract stipulates that the tenant will pay $100 worth of Bitcoin every month to the landlord through Fiwind, a domestic crypto platform. Both parties involved are said to be experienced cryptocurrency users, embracing the virtual asset amid nationwide inflation.

The novel Bitcoin rental pact was made possible by new decrees and amendments to the Argentine rental law enacted late last year by President Javier Milei‘s administration. The reforms were enacted to deregulate the economy and legalize certain cryptocurrency activities.

In December 2023, Minister of Foreign Affairs Diana Mondino announced that a decree had been passed to allow the use of Bitcoin and other cryptocurrencies in Argentina under specific conditions. The government also eased restrictions around declaring crypto holdings for tax purposes.

The Rosario Bitcoin rental agreement signifies Argentine citizens’ growing preference for cryptocurrency over the rapidly devaluing peso. As the nation continues its push to adopt virtual assets, more landlords and tenants may soon follow suit and choose to pay rent in BTC.

While only time will tell whether this marks a permanent shift away from fiat currency, Argentina’s first ever Bitcoin rent contract is an important milestone in crypto adoption. The country appears to be paving the way for cryptocurrency to go mainstream.