Argentina is gradually modernizing its law framework to open to new technologies and cryptocurrency. Last week, the Justice Ministry of Argentina reported that a company had been registered using cryptocurrency funds, marking it as the first time this has happened in the country. This milestone comes on the heels of the enactment of a rule allowing companies to receive contributions and be launched using cryptocurrency and digital assets.

The company was founded with a capital of almost $500 divided into 0.00457621 BTC, which had a price of $302.5 for the day of the registry and $194.99 in USDC.

According to Criptonoticias, the process logistics differed from a regular company registry. The cryptocurrency used for this procedure had to be transferred to custodial wallets in nationally registered exchanges like Lemon and Ripio and had to be held there.

This is because for the registry to be successful, the company’s capital must be available for seizure under law. Adam Dubove, a bitcoin activist, stressed that due to this fact, it was “only possible to integrate the company’s capital using IOUs from exchanges, and not with bitcoin.”

However, the Justice Ministry celebrated the first crypto-funded company registry in Argentina. On social media, it stated:

Thanks to the modernization promoted by this Ministry, we made history. We are the first country in Latin America to achieve this milestone.

In June, Argentine President Javier Milei confirmed his plans to create a multi-currency environment in Argentina, confirming the possibility of using bitcoin as part of the plan. “You can also use other units such as WTI, BTU, and the one most appropriate for your business,” he assessed, hinting at the possibility of adding new currencies for several state-related formalities.

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