The economic deregulation measures announced last Wednesday by the president of Argentina, Javier Mileiwill allow contracts in the South American country to be agreed in any designated currency, from the cryptocurrencies to kilos of steer (veal) or liters of milk, said the Minister of Foreign Affairs, Diana Mondino.
“We ratify and confirm that in Argentina contracts can be agreed in Bitcoin,” said Chancellor Mondino – an economist by profession – in a message published on her official profile on the social network
Subsequently, the head of Argentine diplomacy added in another message that “any other crypto (cryptocurrency) and/or species such as kilos of steer or liters of milk can be used.”
In addition, the economist reproduced an article from the Civil and Commercial Code of the Nation, reformed by the decree of Mileiwhich specifies that “the obligation of the debtor is to deliver the corresponding amount of the designated currency, whether the currency is legal tender in the Republic or not.”
That is, in Argentina Traditional payment methods such as the US dollar, euro or Chinese yuan may be used, but also cryptocurrencies or payments in kind.
Mondino’s mention of payments in kind (with meat or milk) is reminiscent of the “barter” phenomenon that became normalized in Argentina 22 years ago, after the social, economic and political crisis of December 2001 that led to the “corralito” banking and the departure of Fernando de la Rúa from the Presidency of the Republic (1999-2001).
So, the exchange of goods and services without money was an emblematic survival strategy during the crisis, when in addition to the lack of resources and work, the amount of money in circulation had reduced.
During the economic crisis deepened by the COVID-19 pandemic in the South American country, Argentines once again resorted to bartering, organizing to exchange clothing, toys or household appliances for the food they need for everyday life.
Source: Gestion
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