The fifth most populous province in Argentina, Mendoza, will now accept cryptocurrencies, particularly stablecoins, for tax payments (ATM).
Residents in the Mendoza province in Argentina can now pay government fees and taxes with cryptocurrencies, marking yet another development in Argentina’s move toward wider use of cryptocurrencies. In an official press release, the Mendoza Tax Administration (ATM) said that the option for crypto payments gives taxpayers in the province various options to comply with their tax duties” and “fulfills the strategic aim of modernization and innovation.”
The service was officially launched on August 24 and allows taxpayers to fulfill their obligation with stablecoins like Tether (USDT). Citizens can use any cryptocurrency wallet, including Binance, Bybit, and Ripio, to make payments through the portal on the ATM website.
The technology sends a QR code with an equal number of stablecoins converted to pesos by an unnamed online payment service provider after the customer selects cryptocurrency as their payment option. A receipt is given to the taxpayer after the ATM receives the payment.
Argentina Taking the Lead for Crypto Adoption in Latin America
As inflation becomes a major issue globally, a shift to cryptocurrencies could be a good strategy to combat it. The situation has gotten worse since the Minister of Economy resigned in July. A perfect storm of circumstances, including the depreciation of the Argentine peso, has driven many people to use Bitcoin (BTC) and other cryptocurrencies as a hedge against inflation.
The president of Argentina, Alberto Fernandez, stated that he is open to accepting cryptocurrencies as legal tender. He added that it’s a topic to handle with caution and steady steps are taken to further advance their ambitions.
The recent announcement by the Mendoza Tax Administration is simply the most recent in a long line of cryptocurrency-related adoptions in Argentina. Few weeks back, Mastercard stated that it will provide a card in Argentina that supports 14 cryptocurrencies, including USDT.
The capital of Argentina recently announced intentions to begin accepting cryptocurrency for use in public financial transactions in April.
