Renting Apartment with Bitcoin: Argentina Makes History with First-Ever Crypto Deal!

Argentina makes waves! Picture this: renting an apartment using Bitcoin. Yep, it happened. Get ready for the future of money in everyday life! Don't miss the buzz on this groundbreaking crypto move.

Jan 17, 2024 - 09:50
Jan 17, 2024 - 09:51
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Renting Apartment with Bitcoin: Argentina Makes History with First-Ever Crypto Deal!
Renting Apartment with Bitcoin: Argentina Makes History with First-Ever Crypto Deal!

Argentina has witnessed the signing of what might be the world's inaugural bitcoin-based rental contract. The landlord and tenant, based in Rosario, Argentina's third-largest city, have agreed to monthly rent payments in bitcoin, facilitated by new regulations permitting the use of bitcoin as a valid currency in contracts.

As reported by local media outlet Paginal12, the rental agreement outlines a monthly rent of 100 Tether (USDT), a stablecoin pegged to the US dollar, equivalent to $100 in traditional currency. Transactions will be processed through the Fiwind platform, a choice made possible due to the active membership of both parties.

A spokesperson from Fiwind confirmed to Paginal12 that this represents the first-of-its-kind agreement, at least within Argentina. Florencia Feldman, Fiwind's marketing lead, explained that the decision to opt for bitcoin over tether is a personal one. Some individuals may anticipate an increase in bitcoin's value in 2024, influenced by factors like the halving and potential SEC approval of bitcoin ETFs.

This noteworthy development follows the recent approval of a law by Argentina's pro-bitcoin president, Javier Milei, allowing the use of bitcoin as a valid currency in official contracts. With the local currency, the peso, facing devaluation due to rising inflation, Argentinians are increasingly turning to cryptocurrencies. Experts suggest that incorporating bitcoin into contracts could signify a substantial step towards broader crypto adoption in the country, indicating a shift in financial practices.

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