In a first for the country, a rental agreement denominated in Bitcoin was registered in Rosario, Argentina’s third most populous city, according to local media reports on January 11, 2024.
The contract stipulates that the tenant will pay the equivalent of $100 in BTC per month to the landlord. Fiwind, a national cryptocurrency exchange, will be used to determine the exchange rate and execute the payments.
This type of rental agreement became possible following the executive order issued by President Javier Milei last year, which opened the door for contracts denominated in cryptocurrencies. While Bitcoin has been used in real estate sales before, this appears to be the first instance of its use in an Argentine rental contract.
Speaking on the executive order last month, Foreign Minister Diana Mondino clarified that lease agreements can now be settled not only in Bitcoin but also other cryptocurrencies and assets. However, the order faces legal challenges and could still be rejected by Congress.