Argentine Province Of Mendoza Allows Residents To Pay Taxes Using Crypto
As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.
Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase
In the province of Mendoza, Argentina, it is now possible to pay taxes with cryptocurrencies. In the clerk Press release the Tax Administration of Mendoza (ATM), published by the local government, offers residents the opportunity to pay their taxes with digital currencies. Available options are DAI and Tether (USDT), two of the largest stablecoins on the market.
Argentina’s Mendoza province accepts crypto payments for taxes
Argentina is a leader in the adoption of cryptocurrencies. This time, residents of the province can pay their taxes with cryptocurrencies (Tether and DAI). The goal of the new initiative is to reform the tax collection method in the province and make it easier for residents to pay their taxes on time.
Argentina has a large number of people who work for foreign companies and are paid in digital currencies, including stablecoins. Therefore, this could be a great opportunity for people to pay their taxes directly without having to sell the stablecoins they receive.
Additionally, when a person pays taxes, the payment processor automatically converts USDT or DAI into Argentine Pesos (ARS). Therefore, the invoice shows the amount paid in ARS and not in USDT or DAI. This shows that local authorities are not going to use these digital currencies in the future.
To make things easier for people, a step-by-step guide has been created to explain users how to pay using their favorite stable coin. A large number of cryptocurrency exchanges are currently supported. Some of these platforms include Binance, Bitso, buenbit, RIpio, Bybit, Lemon or any other crypto wallet.
Despite the lack of information about future plans, the province of Mendoza may add new digital currencies such as Bitcoin (BTC) or Litecoin (LTC) in the future. However, this is only a very positive start to the adoption of crypto around the world.
Argentina: Leader in Crypto Adoption
Argentina is a clear leader in the adoption of cryptocurrencies around the world. There are many reasons why Argentines prefer to use digital assets instead of their local currency, the Argentine peso.
Argentina’s inflation has been consistently above 10% for more than a decade, and in recent months inflation has been higher than Venezuela’s on a monthly basis. Inflation is expected to rise to 90% or even 100% in the coming months.
Meanwhile, Argentines have been known to use USD instead of ARS to save. It is understandable given the high inflation. Citizens are rushing to the black market because severe restrictions have also been applied to the foreign exchange market.
With the expansion of virtual currencies, Argentines have also had the opportunity to avoid currency controls by using various crypto exchanges and wallets. This means people can buy USDT, DAI and other stablecoins in just a few simple steps. Thanks to this new implementation offered by the province of Mendoza, people can pay their taxes with stablecoins.