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HomeLaw & PoliticsArgentina’s Mendoza Province now accepts crypto for tax payments

Argentina’s Mendoza Province now accepts crypto for tax payments

Argentina’s Mendoza province revealed that it has allowed a system that lets citizens use crypto to pay taxes.

The province of Mendoza in Argentina revealed that it has allowed a system that lets citizens use crypto to make tax payments. The system is a deliberate initiative taken by the provincial government to give citizens more alternatives for meeting their commitments by modernising the payment of taxes, state tributes, tariffs, and commerce.

The Mendoza tax administration authority’s general director, Nicolas Chávez, commented on the development: 

 “It is one more door to facilitate the payment of taxes to taxpayers. This is a service offered by the payment processor with which we have incorporated new technology, such as virtual wallets and cryptocurrencies.”

The government of Mendoza announced that citizens would be able to pay taxes using any crypto wallet, including Bitso, Binance, Ripio, Bybit, Buenbit, and Lemon. The authorities claim that taxpayers may obtain a QR code and transmit money directly from their wallets. Payments made using cryptocurrencies will be received, processed, and converted into Argentine pesos by an unnamed third-party company before being sent to the tax administration of the province.

Only stablecoins such as USDC, USDT, DAI, and some more will be accepted by the system as payment. In this way, the system prevents volatility from affecting how it functions. Major Latin American economies, including Brazil, Panama, and The Bahamas, among others, as well as various provinces and local administrations in Argentina, have also made plans to accept crypto as payment for taxes.

One of the biggest cities in Brazil, Rio de Janeiro, announced plans to accept crypto payments for municipal real estate taxes starting in 2023. The nation saw many crypto-related changes in April. Buenos Aires, the capital of Argentina, announced its intention to permit the use of cryptocurrencies for tax payments. The mayor of Buenos Aires at the time, Horacio Larreta, stated that the use case might be implemented in 2023 together with a blockchain-based identity system.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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