Fun

Argentinian Province Mendoza Starts Accepting Tax Payments in Crypto

News Feed - 2022-08-29 08:08:39

Argentinian Province Mendoza Starts Accepting Tax Payments in Crypto


Mendoza, an Argentinian province, has implemented a system that allows taxpayers to pay their taxes fully with cryptocurrencies. The system, which was launched this week, is part of a strategic push for the modernization and digitalization of payments carried by the tax authority of Mendoza and uses the services of a third party to process the transactions. Mendoza Goes Crypto for Tax Payments


More and more governments are including cryptocurrencies as a way of paying state-related obligations due to their recent popularity. Mendoza, a province of Argentina, is one of the first in the country to implement a digital system that allows taxpayers to execute payments and other operations with digital currencies.


The system, launched on August 24, is part of a strategic move by the authorities of the province to modernize the payment of tax and state tributes, offering several options to citizens to fulfill their obligations. Nicolas Chávez, general director of the Mendoza tax administration authority, stated:


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.


While the payment utility is directly embedded in the page of the province, the payments are processed by a third-party company, that accepts crypto and liquidates the payments made in Argentinian pesos to the province. The system only receives payments in stablecoins, including USDT, USDC, and DAI, among others. In this way, the system maintains volatility out of its operations. Similar Initiatives


Other municipal governments in Argentina and in Latam have also announced the inclusion of cryptocurrencies as a means of payment for taxes. Last April the head of the government of Buenos Aires, Horacio Larreta, announced that the city was planning to also introduce crypto payments for taxes. Larreta stated that this use case could be implemented in 2023 alongside a blockchain-based identification system.


Rio de Janeiro, one of the biggest cities in Brazil, also reported the inclusion of these assets as payments for taxes in 2023 due to their popularity. But Rio’s plans go even further, envisioning crypto payments for other services like taxi rides, and NFTs to promote the areas of arts, culture, and tourism, as well as investing part of the city funds in crypto through a new institution, the Municipal Committee for Crypto Investments. Tags in this story Argentina, ATM, Bitcoin, Buenos Aires, Cryptocurrency, DAI, Investments, Mendoza, nicolas chavez, Payments, rio de janeiro, Stablecoins, Taxes, Tether, USDC


What do you think about the inclusion of crypto to pay taxes in Mendoza? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Itau Unibanco Selected by Central Bank of Brazil to Build Real-Pegged Stablecoin Solution NEWS | 6 hours ago UN Human Rights Chief Voices Concern Over Assange Extradition Case, Wikileaks Continues to Raise Large Sums of Crypto NEWS | 8 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFintech Makes Moves Into the Auto and Home Repair Industries With FixxFi Next articleThe Top Privacy Coins Saw Fewer Percentage Losses Than Most Tokens This Week Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Coinbase Obtains Regulatory Approval to Provide Crypto Services in Italy
Coinbase Obtains Regulatory Approval to Provide Crypto Services in Italy Nasdaq-listed cryptocurrency exchange Coinbase has obtained regulatory approval to offer crypto services in
Michael Terpin Urges FCC to Curb Crypto Fraud That Cost Him $24 Million
Crypto investor Michael Terpin has written an open letter to Federal Communication Commission (FCC) chairman Ajit Pai requesting urgent action on SIM swapping fraud. Terpin, a victi
New South Korean leadership will press for Bitcoin ETF trading
Derek Andersen5 hours agoNew South Korean leadership will press for Bitcoin ETF tradingThe Democratic Party of Korea promised to allow Bitcoin exchange-traded funds, and it expects to follow through — one way or anothe
Hyperinflation and Currency Collapse Fears After Zambian President Fires Central Bank Governor
Hyperinflation and Currency Collapse Fears After Zambian President Fires Central Bank GovernorZambian President Edgar Lungu fired the country’s central bank governor Denny Kal
Bitcoin Taker Buy/Sell Ratio Surges On Major Exchanges — Who Is Buying?
Este artículo también está disponible en español. The price of Bitcoin has somewhat cooled off, struggling to reach the highly-coveted $100,000 mark, after an intense bul
Zhiyuan Sun8 hours agoChinese man sentenced to 9 months in prison for buying $13K in USDTChina has harshly enforced its crypto ban since the start of the year, cracking down on individuals and projects alike.6632 Total v
$WEPE Hits $40M as Meme Coin Market Recovers
The most trending meme coin and one of the fastest-growing tokens right now, Wall Street Pepe ($WEPE), has crossed the $40 million mark during its ongoing presale. $WEPE raised $100
Derek Andersen18 hours agoBasel Committee to consider disclosure requirements for banks’ crypto assetsThe committee already imposes a limit on crypto holdings in bank reserves, but the concentration of crypto in a smal
Sichuan Officials Continue to Foster the Relationship Between Bitcoin Mining and Hydropower
Sichuan Officials Continue to Foster the Relationship Between Bitcoin Mining and HydropowerThe province of Sichuan is well known for being one of the largest concentrations of bitco
$1 Billion in Bitcoin and Ether: One River Hedge Fund to Increase Holdings From $600 Million
$1 Billion in Bitcoin and Ether: One River Hedge Fund to Increase Holdings From $600 Million Hedge fund management firm One River Asset Management has invested $
EU Targets Crypto Assets in Widened Sanctions Against Russia, Belarus
EU Targets Crypto Assets in Widened Sanctions Against Russia, Belarus The European Union is extending the scope of sanctions introduced in response to Russia’s invasion of U
Bitcoin Vs. M2: Abra CEO Sees $130,000 As Liquidity Floods In
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu