In a groundbreaking move, a landlord in Rosario, Argentina, has agreed to accept Bitcoin as rent payment for a residential property. This marks the first time in the country that a rental agreement has been finalized using the cryptocurrency.
The monthly rent under the contract amounts to $100 in Bitcoin, which the tenant will transfer through Fiwind, a local cryptocurrency platform. Both parties involved in the agreement are experienced cryptocurrency users.
This significant step forward is attributed to recent amendments to Argentine rental law by the newly elected President Javier Milei, who has shown a positive stance towards cryptocurrencies.
In December 2023, Minister of Foreign Affairs Diana Mondino announced a decree that would allow for the utilization of Bitcoin and other cryptocurrencies under specific conditions, further paving the way for their integration into the country’s financial system.
In addition to embracing cryptocurrencies, the Argentine government has also introduced measures to streamline the legalization process for those with outstanding cryptocurrency tax declarations. Under a regularization scheme, taxpayers can pay a flat tax of 5% if they declare their holdings by the end of March 2024, 10% from April, and 15% from July until the end of September.
This progressive approach towards Bitcoin and other cryptocurrencies demonstrates Argentina’s commitment to innovation and its recognition of the potential of these technologies to enhance its financial landscape. The adoption of Bitcoin as a means of payment for rent is a significant milestone, signaling the growing acceptance and integration of cryptocurrencies in Argentina’s economy.
