First contract of its kind in the world in Argentina

[alastantiger]

Last week a landlord and tenant in Argentina signed an agreement that his monthly rent would be paid in bitcoin. They made history as this is the first of its kind in Argentina and in the world at large. Those who have been closely monitoring Argentina's news, starting from the campaign elections, will likely find this development particularly gratifying, as it signifies the president's commitment to fulfilling promises made during the election.

If you recall in December 2023 the government of the nation had okayed that bitcoin can be used as a currency in contractual agreement and and now we witness the practical implementation of this decision. What is the next " bitcoin first of its kind in the world thing" are we going to see come out from Argentina and what are the possibilities that this type of sanctioned on the use of bitcoin as a valid currency in contractual agreements would spread to neighbouring countries?

[Zlantann]

Last week a landlord and tenant in Argentina signed an agreement that his monthly rent would be paid in bitcoin. They made history as this is the first of its kind in Argentina and in the world at large. Those who have been closely monitoring Argentina's news, starting from the campaign elections, will likely find this development particularly gratifying, as it signifies the president's commitment to fulfilling promises made during the election.

It is wonderful to see politicians executing the policies they included in their campaign manifesto. It is common to see politicians fail to fulfill the promise they made during elections after they win. But Argentina's new president, Javier Milei, has started implementing some of his campaign promises. We are also expecting to see how he would abolish the central bank and dollarize the Argentinian financial system.

If you recall in December 2023 the government of the nation had okayed that bitcoin can be used as a currency in contractual agreement and and now we witness the practical implementation of this decision. What is the next " bitcoin first of its kind in the world thing" are we going to see come out from Argentina and what are the possibilities that this type of sanctioned on the use of bitcoin as a valid currency in contractual agreements would spread to neighbouring countries?

It could have a ripple effect on other countries in Latin America since Argentina is the second-largest economy in the geographical location. El Salvador has adopted Bitcoin as a currency and it has not led to the spread of the same policy to neighbouring countries. Maybe the case of Argentina might be different because it has a bigger economy than El Salvador. However,  I think these countries will only adopt Bitcoin if they begin to see the positive impact adopting the currency is having on Argentina.

[yudi09]

I wouldn't be surprised if Argentina would become a huge financial success someday if their government made Bitcoin and the Bitcoin system their financial system.
I am also sure that Argentina will be successful in the investment sector with good profits someday.
I also wouldn't be surprised if Argentina's steps would be followed by other countries.
I feel like someday everyone will wake up and be happy to be in a great system.

[Pmalek]

This might be the first official case that we know of or the first one that has been reported in the media, but I am sure there were others that remained under the radar before this one. In some countries, people don't sign contracts for renting apartments. It's a black market wild west with no paper trail. Some of those deals have likely been negotiated in crypto if both parties agree and support the innovation. The more adoption there is, the better for everyone involved.

[ajiz138]

This news reported that bitcoins have begun to be adopted slowly because the Argentine president is more pro-bitcoin so this contract agreement is more supportive because crypto users in Argentina are increasing after the currency was severely depleted by inflation.

In fact, in the article by renting an apartment using bitcoin on a personal decision, it continues to be mentioned that this is the year 2024 where the price of bitcoin can soar, so the potential will be greater than using Tether before.

[avikz]

Last week a landlord and tenant in Argentina signed an agreement that his monthly rent would be paid in bitcoin. They made history as this is the first of its kind in Argentina and in the world at large. Those who have been closely monitoring Argentina's news, starting from the campaign elections, will likely find this development particularly gratifying, as it signifies the president's commitment to fulfilling promises made during the election.

If you recall in December 2023 the government of the nation had okayed that bitcoin can be used as a currency in contractual agreement and and now we witness the practical implementation of this decision. What is the next " bitcoin first of its kind in the world thing" are we going to see come out from Argentina and what are the possibilities that this type of sanctioned on the use of bitcoin as a valid currency in contractual agreements would spread to neighbouring countries?

That's the thing! Unless and until government is favorable towards bitcoin, it's very difficult for Bitcoin flourish in that country. As the President of Argentina is supporting Bitcoin, we are seeing such wonderful incidents happening. But if the government didn't support this, Bitcoin was never mentioned in a legal document such as this.

I know this one incident might not change anything or might not impact a lot of things. But that's a start! Everything has a humble start and we are just standing at the beginning of something big.

[Alpha Marine]

I wouldn't be surprised if Argentina would become a huge financial success someday if their government made Bitcoin and the Bitcoin system their financial system.

Argentina can be strong economically but it won't be because they adopted Bitcoin as legal tender.
I know Bitcoin will have a ripple effect on the economy, but having a good currency alone is not enough to revive a country's economy. The Argentine economy is currently in shambles. They need a lot of work to get out of the hole they're in. They have what it takes to be productive and have a good economy.

I feel like someday everyone will wake up and be happy to be in a great system.

Lol.
In Neverland you mean? I'm not trying to be pessimistic but we have to be real. The world economy would never be perfect. And at the rate that things are going, it would never be close to perfect.

[alastantiger]

El Salvador has adopted Bitcoin as a currency and it has not led to the spread of the same policy to neighbouring countries.

There is a small indirect effect of El Salvador adoption of bitcoin on Javier Milei policy on bitcoin. If bitcoin were not having a positive effect on the economy and people in El Salvador, I don't think that Javier Milei would sanction it in Argentina. At leas El Salvador served as a real life case study for them. According to Chiananalysis these south-american nations have the most active crypto communities and if think if they play their cards right, we may we one or two of them being the next up for adopting bitcoin - Venezula, Brazil, Colombia, Mexico, Argentina(already in the course of it).

This might be the first official case that we know of or the first one that has been reported in the media, but I am sure there were others that remained under the radar before this one.

This is the first officially documented case. What it tells me is that there are individuals in Argentina who have likely paid for various transactions like buying cars, food, phones and other things using bitcoin. However,  because they do not speak about it, we assume that it has never happened in Argentina. These individuals need to leverage social media platforms like Twitter, Instagram, TikTok, and Facebook to communicate their first of a kind bitcoin transactions. However, they must not sacrifice their security and anonymity for popularity or validation from the public so that they don't get attacked by bad guys.  Everything should be don't with the highest level of anonymity just as we can read in the OP where the personal information of the parties involved where nor mentioned.

[pooya87]

They made history as this is the first of its kind in Argentina and in the world at large.

Maybe, but it is not possible to know if this was actually the first specially when you are talking on a global scale. Remember that Bitcoin has been a legal currency in a lot of countries long before Argentina and legal tender in places like El Salvador (ever since 2021) which is one step ahead of just legal currency.

Besides, from the early days when bitcoin was used to purchase 2 pizzas we know that bitcoin has been used as a currency by countless people. So even though it is still cool to hear new stories like this, but they are in no way "first".

[m2017]

Last week a landlord and tenant in Argentina signed an agreement that his monthly rent would be paid in bitcoin. They made history as this is the first of its kind in Argentina and in the world at large. Those who have been closely monitoring Argentina's news, starting from the campaign elections, will likely find this development particularly gratifying, as it signifies the president's commitment to fulfilling promises made during the election.

What is the connection between the tenant who agreed to receive rent in bitcoin and the promise of the President of Argentina? Didn't this tenant enter into the agreement on his own? You are trying to find the commonality between warm and soft. Both of these events occurred independently of each other.

Of course, the rental deal for bitcoin is a good start and an example to follow for other tenants, but the Argentinean didn't make this deal out of a good life. You are all aware of what is happening with the exchange rate of their national currency and their entire economy as a whole. But as it happens, there is no development where everything is good and stable. It is likely that the adoption of bitcoin will primarily come from developing countries, which have big problems. Those countries that are already doing well have no need to get involved with bitcoin.

If you recall in December 2023 the government of the nation had okayed that bitcoin can be used as a currency in contractual agreement and and now we witness the practical implementation of this decision. What is the next " bitcoin first of its kind in the world thing" are we going to see come out from Argentina and what are the possibilities that this type of sanctioned on the use of bitcoin as a valid currency in contractual agreements would spread to neighbouring countries?

I don’t remember this (I don’t know, because I don’t follow it that closely). Was there any regulation or enactment of law on the part of the Government of Argentina giving the right to use bitcoin as currency in a treaty agreement? That is, were there regulatory documents officially allowing this?

What prevented Argentines from accepting bitcoin as rent? They don’t have a direct ban on this. Especially if you use P2P.

[pakhitheboss]

Argentina is one of the most corrupt countries in the world and they are the biggest borrower from IMF. BTW, we know who controls IMF and who is trying to govern the present government on the pretext of a democratically elected government. Argentina has now implemented a Bitcoin contract which I agree is good but that does not mean they will make Bitcoin a legal tender.

What I do not like is that struggling economies are the ones to use Bitcoin over Gold or USD. I expected that countries like the US or China allow Bitcoin to thrive as an alternate legal tender and I envision that in the future Bitcoin would become one of the alternate modes of transaction throughout the world and replace Gold. As of now, Gold is an alternate way to make payments in international trade which is so much old, and compared to what Bitcoin is as of now, it should become an alternate way of trading between countries.