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In a move that is unprecedented in Latin America, Argentina’s new President, Mauricio Macri, has announced that all foreign currencies, including Bitcoin, can now be accepted and used for payments in the country.
The new regulation, part of a series of reforms Macri has dubbed “the Argentine Revolution,” will allow for all legitimate international currencies, both digital and physical, to be accepted. This includes Bitcoin, the decentralized digital currency that has surged in popularity both in Argentina and around the globe in the past few years.
The regulation effectively opens up the possibility for anyone to conduct business in Argentina using Bitcoin. It also could reduce the risk of capital flight from the country, as people feel more secure that their money is held in an alternate form.
International investors may also find the move attractive, and it is likely that more Bitcoin businesses will be drawn to the country in the near future, given the legality now afforded to its use.
While it is clear that Macri’s reform is revolutionary for the region, it is uncertain what the full implications may be for the country, as well as the entire bitcoin ecosystem. It will certainly be something to keep an eye on in the months and years ahead.