Mendoza to adopt crypto for tax payments

A popular metropolis in Argentina, Mendoza has announced its intention to receive taxes on cryptos. This development was confirmed by the general director of the Mendoza tax administration authority, Nicolas Chávez. According to Chavez, the province has already implemented an efficient mechanism to enable its taxpayers to pay their taxes with cryptos.

The general director further said that the move manifested as one of the strategic pushes by the province to modernize and digitalize every form of payment managed by the tax authority of Mendoza. He added that the mechanism put in place to aid payment of taxes in crypto would use the services of a third party to process transactions.

Mendoza has now become the first province in Argentina to execute a virtual system, allowing taxpayers to make payments and other operations with virtual currencies. Although, the system has been fully embraced in several countries, including Japan and South Korea. This thus illustrates that the usage of cryptos as a medium of tax payment is now gaining immense popularity.

According to Chavez, the new mechanism provides more alternatives to province residents in effecting their tax payments and state tributes. He added that “it is one more door to facilitate the payment of taxes to taxpayers.” The general director explained, “this is a service offered by the payment processor with which we have incorporated new technology, such as virtual wallets.”

The tax payment utility is directly enveloped in the page of Mendoza. The tax authority in the province hired a third-party firm to process the tax payments. The firm will accept cryptos and liquidate the payments made in Argentinian pesos to the province. The mechanism only buys stablecoins crypto like USDT, USDC, DAI, and others. According to the general director, this was done to avert volatility associated with other forms of cryptos.

More provinces moving to emulate Mendoza

According to findings, other provinces within Argentina and Latam have also begun plans to follow the path of Mendoza. Recently, the head of authorities in Buenos Aires, Horacio Larreta, said the province is making efforts towards adopting crypto as another medium for tax payments. According to him, its implementation would commence by 2023.

Beyond Argentina, a city in Brazil, Rio de Janeiro is also moving to introduce cryptos as a medium of tax payments in 2023. The city will integrate crypto payments in other areas, like taxi rides. More so, it intends to explore NFTs in promoting the areas of arts, culture, and tourism.

Related

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  • Argentina Central Bank will not sell dollars to crypto investors
  • Japan set to change crypto taxation laws to prevent capital flight

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