Argentinean Province Allows Residents to Pay Taxes in USDT (Report)

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The authorities of the Mendoza province reportedly enabled citizens to pay government fees and taxes in cryptocurrencies. The region’s tax administration described the move as “the strategic objective of modernization and innovation,” which could give “taxpayers different means to comply with their tax obligations.”

Contrary to Mendoza’s pro-crypto stance, Argentina’s central bank is not so much in favor of the industry. Earlier this year, it banned domestic financial institutions from facilitating digital asset services.

  • According to a local report, settling taxes in cryptocurrencies instead of pesos became possible in one of the largest provinces in Argentina – Mendoza.
  • Initially, the region’s authorities will accept payments in Tether (USDT), while at a later stage, it plans to add more digital assets as an option.
  • Taxpayers can use popular crypto wallets such as Binance, Buenbit, Bitso, Ripio, Bybit, and Lemon Cash.
  • In April this year, the lawmakers of Buenos Aires also considered something similar. Mayor Horacio Rodriguez Larreta stated that the capital aims to digitize its administration processes, adding that blockchain technology will play a key role.
  • He also hinted that citizens might get the chance to pay their taxes in cryptocurrencies in the near future:

“And we are going to work to facilitate the payment of taxes, the ninth measure of this plan. Together with the leading companies, we are working so that those who wish can pay their taxes in cryptocurrencies.”

  • It is worth noting, though, that the Central Bank of the Argentine Republic (BCRA) is not so supportive of the digital asset sector. Not long ago, it prohibited local banks from offering cryptocurrency services to clients.

“The measure ordered by the Board of Directors of the BCRA seeks to mitigate the risks associated with operations with these assets that could be generated for users of financial services and the financial system as a whole,” the entity stated.

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Source link Crypto Potato

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