Argentina Embraces Bitcoin for Contracts Amid Peso Depreciation and Economic Strife
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Argentina's Foreign Affairs Minister said the country will recognize Bitcoin for contractual agreements. This comes amidst declining value of the Argentinian currency (ARS).
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Citizens in Argentina can now use Bitcoin to enter into contracts within the country. Other cryptocurrencies and commodities can also be used.
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Bitcoin recently saw a 65% price surge over 3 months. Meanwhile, ARS continues a downward trend, losing 50% of its dollar value after a government devaluation.
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Argentina is suffering from high inflation of 143% annually. 40% of Argentines live in poverty conditions.
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The Argentinian government devalued its currency and cut energy/transport subsidies to address fiscal deficits and currency "addiction." The economy minister foresees a worsening economy in months ahead.