Argentina also accepts cryptocurrency as legal currency!

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José Luis Ramón, head of Argentina's Protectora Fuerza Política party, has introduced a bill to pay salaries in cryptocurrency. It will allow Argentine workers and exporters to receive all or a part of their salaries in cryptocurrency.

The decision is making waves around the world as Latin America appears to be turning to an alternative to the dollar and national currency. In fact, Argentina, like Venezuela, Brazil and Uruguay, suffers from significant annual inflation.
The idea is to introduce cryptocurrency as an alternative to such inflation.

Since El Salvador, which adopted Bitcoin as a fiat currency, several countries are considering this approach. It states that it can provide wage and export payments in digital currency as well as Bitcoin.
Inflation in South America is said to be catastrophic.

Venezuela has been particularly hard hit with an inflation rate of 3,000% in 2021. Argentina is not at that stage yet, but around 50%. But the situation is already running into trouble. To prevent currency inflows, a bill was passed in December 2019 to impose a 30% tax rate on foreign currencies.

However, as José Luis Ramón pointed out, Bitcoin or other cryptocurrencies are not affected by this tax.
In addition, to control the price of the Argentine peso, exchange offices are strictly controlled by the central bank. Companies with Argentina must go through an official exchange office. This creates a lot of friction in the exchange. They are also often charged at rates far from market prices. This is very detrimental to the country's external economic and trade activities.This bill is yet to be approved.

However, the proposal is part of a legal movement in support of Bitcoin and cryptocurrencies that is affecting the entire Americas. Latin American countries are clearly very supportive of this new means of payment. These countries are struggling with inflation and the US dollar trap, so cryptocurrency adoption is a pretty good alternative.

However, North America also seems to be turning to digital currencies. Over time, Canada and the United States are developing more and more mining infrastructure. Legal frameworks that allow the purchase and ownership of crypto assets have evolved significantly in these countries.

Reference: https://www.coindesk.com/argentine-lawmaker-proposes-bill-for-businesses-to-pay-employees-in-crypto

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