A landlord and tenant in Rosario, Argentina reportedly signed a Bitcoin rental agreement, where the tenant will pay $100 monthly in Bitcoin.
The contract specifies that the tenant must make monthly Bitcoin rent payments to the landlord within the first five days of each month, using a Bitcoin address provided by the landlord.
Amendments to Argentine law by the new presidential administration enable this Bitcoin rental agreement in Rosario, according to a report by the local Argentine newspaper Pagina 12 on January 11.
The tenant will use Fiwind, a local cryptocurrency platform in Rosario, to make the monthly Bitcoin rent payment.
” At least in Argentina, a contract agreed in this currency had never been signed , it is a novelty for us and as such,” a company spokesperson explained
The report highlights that both the landlord and tenant have prior experience using cryptocurrencies.
The recent amendments to Argentine rental law, allowing rent payments in Bitcoin, are part of a larger overhaul of the country’s legal system by the newly elected president, Javier Milei, addressing economic challenges, including high inflation.
In December 2023, Diana Mondino, Argentina’s minister of foreign affairs, international trade, and worship, announced a new decree allowing the use of cryptocurrencies like Bitcoin under certain conditions, aiming at economic reform and deregulation.
The proposed regularization scheme, effective until March 2024, imposes a 5% flat tax for taxpayers declaring their crypto holdings, increasing to 10% from April to September and reaching 15% from October onwards.
Argentina’s long and dramatic presidential race concluded on November 19, 2023, with the election of Javier Milei, a libertarian candidate known for his strong stance on cryptocurrencies and the economy.
Javier Milei’s campaign platform not only promised to legalize cryptocurrencies and abolish the central bank but also included several other radical policy proposals. These proposals, such as tax cuts, deregulation, and increased private property rights, have resonated with many in Argentina’s crypto community, who view them as a means to revitalize the country’s economy.
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