Mendoza Province Now Accepts Cryptocurrency For Fees And Taxes
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Mendoza to Use Cryptocurrency to Pay Taxes
Due to cryptocurrencies' rising popularity, more and more governments are using them to pay for duties related to the state. One of the first provinces in Argentina, Mendoza, has a digital framework that enables taxpayers to make payments and conduct other transactions using digital money.
The system went live on August 24. It is a primary element of a strategic initiative by the state government to modernize the payment of taxes and state tributes by giving individuals more alternatives for satisfying their duties. Mendoza Tax Administration Authority General Director Nicolas Chavez said,
"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 payment facility is linked to the province's page. The transactions are handled by a third party that receives cryptocurrency and converts Argentine peso payments into other currencies. Only stablecoins, including USDT, USDC, and DAI, among others, are accepted by the system as payment. The system keeps instability out of its processes in this way.
Payment via Cryptocurrency
Cryptocurrencies will now be accepted as a form of payment for taxes by other local administrations in LATAM and Argentina. Horacio Larreta, the mayor of Buenos Aires declared last April that the city would also be implementing cryptocurrency tax payments. According to Larreta, this case could be executed in 2023 in collaboration with a blockchain-based authentication method.
One of Brazil's largest cities, Rio de Janeiro, indicated that these assets will be included as tax payments in 2023 due to their growing popularity. NFTs can be used to promote the arts, culture, and tourism, as well as crypto payments for other services.