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Mendoza, Argentina Officially Begins Accepting Cryptocurrency

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Pavan A Follow

INDIA

Aug, 31 2022

Aug, 31 2022

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Argentina’s fifth largest province, Mendoza, has enabled the payment of taxes using cryptocurrencies, its tax authority announced on Saturday. 


As per Mendoza Tax Administration (ATM), the new blockchain services are intended to support "the strategic objective of modernization and innovation," giving taxpayers different ways to adhere to their tax obligations. 


The government of Mendoza published instructions about accepting cryptocurrency wallets, including Binance, Bitso, Buenbit, Bybit, Ripio, Lemon and only accepting stablecoins like DAI and USDT for taxes. 


Argentine government officials added that the payments received by Mendoza will be converted into Argentine pesos by an undisclosed online payment service provider. 


Tax payments were officially launched on Aug 24; however, the ATM will only accept stable coins like Tether (USDT). Citizens can use Binance, Bybit, and Ripio to pay using the ATM's website portal. 


In recent years, Argentina has experienced a surge in the adoption of cryptocurrencies due to its economic troubles and the escalation of stablecoin prices following the resignation of Argentina's economy minister in July. 


After 2016's peak in government and central bank spending, the country faced a one-sided battle against inflation. 


Mastercard recently announced it will introduce a card that supports 14 currencies, including USDT, in Argentina, followed by a nationwide rollout that includes 90 million locations online and offline. Furthermore, the capital city Buenos Aires announced plans to accept cryptocurrency transactions in April. 


Despite the market being in a crypto winter and the central bank blocking coin offerings, the country's citizens continue to store their savings in stablecoins. To hedge against inflation, many Argentineans have turned to Bitcoin (BTC) and crypto due to the depreciation of the peso.? 


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Pavan A

CBW - External Analyst

INDIA

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