Argentina Breaks Ground with First Bitcoin-Lease Agreement Under New Executive Order

Argentina has achieved a significant milestone in crypto adoption, marking one of its initial bitcoin-denominated lease agreements following President Javier Milei’s emergency executive order.

The groundbreaking contract, recently signed in Rosario City, dictates that the tenant must pay the landlord the equivalent of $100 USDT in bitcoin each month. The agreement selected Fiwind, a national cryptocurrency exchange, as the provider of the reference bitcoin price for payment execution. Specifying the first five days of each month for payment execution to an address provided by the landlord, this lease agreement sets a precedent in embracing cryptocurrency for rental settlements.

While real estate sales in bitcoin have occurred previously, this marks Argentina’s first lease agreement of its kind, made possible by the elimination of the lease and rents law through President Milei’s executive order. The order faces legal scrutiny, with the country’s courts reviewing its validity, and its fate hinges on potential rejection by both chambers of Congress. Despite uncertainties, the executive order allows tenants and landlords to legally engage in bitcoin-denominated lease contracts, providing an alternative to transacting in the embattled Argentine pesos.

Clever Robot News Desk 15^th January 2024