A landlord and tenant in Rosario, Argentina's third-largest city, have entered into a rental agreement with a unique twist: the tenant will pay their monthly rent in Bitcoin (BTC).
This arrangement, reported by Paginal 12 on January 11th, marks a first in Argentina's real estate sector, enabled by recent legal changes by the new presidential administration.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
How to Create an NFT: Easiest Way (Animated Explainer)
The agreement stipulates that the tenant will pay an equivalent of $100 in Bitcoin or around 0.0023 BTC each month, utilizing a local cryptocurrency platform, Fiwind.
Both parties involved in this deal are reportedly well-versed in cryptocurrency usage, showcasing a growing trend of digital currency adoption in everyday transactions.
This innovative rental contract has been made possible following significant legal reforms in Argentina. The country's rental laws, along with other legal areas, underwent changes after the election of President Javier Milei in November 2023. These amendments came amidst a period of severe inflation across Argentina.
At the end of 2023, a new decree focused on economic reform and deregulation was announced by the Minister of Foreign Affairs, International Trade, and Worship. This decree notably includes provisions for the use of Bitcoin and other cryptocurrencies.
This landmark Bitcoin rental agreement in Rosario is not just a first for Argentina but also a symbol of the evolving landscape of cryptocurrency use in everyday life. It highlights the growing acceptance of digital currencies in traditional financial systems and the adaptability of legal frameworks to accommodate this new era of financial transactions.
