Argentina Witnesses Its First Bitcoin Rent Payment amid Progressive Crypto Policies
Summary:
In Rosario, Argentina, a landlord and tenant have entered into the country's first Bitcoin rental agreement, facilitated by recent legislative changes from President Javier Milei's administration. The monthly rental fee will be approximately $100, transacted in Bitcoin (0.0021 BTC) via the Fiwind cryptocurrency platform. This scenario showcases the government's continuing efforts to legitimize overdue cryptocurrency holdings and permit legal operation of digital currencies under specific conditions.
In the third-largest city of Argentina, Rosario, a novel rental agreement has been made between a property owner and a tenant where Bitcoin will be used as the payment method for the monthly rent. As reported by Paginal 12 on January 11, this unique arrangement is the maiden of its kind in the country and was only made plausible due to recent changes in legislation under the new presidential administration. The rental fee, as outlined in the established contract, is approximately US$100, payable in Bitcoin (0.0021 BTC) each month. The tenant will be responsible for making the transfers through Fiwind, a domestic cryptocurrency platform. It was noted in the report that both parties to the contract are seasoned crypto users. A related story: Who is Javier Milei, the president of Argentina advocating for market liberalization?
Javier Milei's presidential administration, which emerged victorious during the November 2023 general elections amid severe nationwide inflation, revised the Argentine Rental Law among other legal entities. In December 2023, Argentine Foreign Affairs, International Trade, and Worship Minister Diana Mondino intimated that a decree focused on economic reform and deregulation might pave the way for Bitcoin and other cryptocurrencies to legally operate within the nation under certain terms. The government is also making strides to legitimize overdue cryptocurrency holdings for tax purposes. The only requirement for taxpayers as part of a regularization scheme is to make a lump-sum tax payment on their holdings: 5% if declared by March 2024 end, 10% between April and June 2024, and 15% between July and September 2024. In featured news: MakerDAO's strategy to bring back 'DeFi summer' as disclosed by Rune Christensen.
Published At
1/15/2024 12:55:56 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.