The lease contract, signed in Rosario City, requires the tenant to pay the landlord $100 worth of bitcoins every month. These payments will be made within the first five days of each month, using the crypto wallet address provided by the landlord. The transaction will be processed through the local cryptocurrency exchange, Fiwind.
This development comes after a decree signed in December, which authorized the conclusion of financial contracts in any currency, including Bitcoin. By allowing leases to be settled in BTC, parties can avoid the risks associated with the depreciating Argentine peso. President Javier Milei has even proposed a law that would enable the use of cryptocurrencies in settlements with the state.
While the legality of the decree and its effects on lease contracts will be reviewed by local courts, Chainalysis, an analytics company, reports that adoption of cryptocurrencies is notably higher in economically disadvantaged countries. Argentina, in particular, leads the way in Latin America in terms of cryptocurrency transactions, as the country’s residents turn to digital assets as a hedge against inflation.