As cryptocurrency adoption continues to grow in Argentina and the Latin American region, Mendoza, a province in Argentina has made a move to make tax payments easy for its residents.
The initiative was launched on August 24 and is part of Mendoza’s quest for a strategic push for the digitalization and modernization of payments in its province will now let Mendoza residents pay their taxes in cryptocurrency.
The general director of the Mendoza tax administration authority, Nicolas Chávez, said that “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.”
The payment is designed to receive only stablecoins namely; DAI, USDC, USDT, and some other stablecoins, the payment will be processed through a third-party company that accepts cryptocurrency and makes the funds available to the province in Argentinian Pesos.
The use of stablecoins as payments helps the province bypass the criticism relating to cryptocurrency volatility.
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Similar Initiative in Latam Region
When it comes to embracing cryptocurrency, Latam is one of the leading regions among the regions of the world, no wonder various governments in the region are making crypto-friendly moves.
Earlier this year, the head of government of Bueno Aires Horacio Larreta disclosed plans to let the residents of Argentina’s capital pay taxes using cryptocurrency, a move that is likely to be implemented in 2023 according to Larreta.
Also one of Brazil’s largest cities, Rio de Janeiro has announced plans to include crypto as a means of payment for taxes in 2023.
With El Salvador leading the race of crypto adoption, the Mexican senate has also recently proposed a bill to make Bitcoin a legal tender in the country.
Recently, Jamaica legislators paved the way for the country’s central bank to commence issuing the digital version of the country’s currency.
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