Bueno Aires Residents to Pay Taxes with Cryptocurrency

April 26, 2022

Reading Time: 2 minutes

It is yet another wake from heads of government in Latin American countries as Horacio Larreta, the head of government of Bueno Aires, the capital of Argentina, confirmed plans to allow citizens of the city to pay taxes using cryptocurrencies.

Last week, Ripple issued an article citing the opportunities for crypto companies in the future in Latin American countries. However, reports coming out of the region are proving Ripple analysis more relevant. The region is every day becoming crypto-friendly. The capital of Argentina, Bueno Aires for a while, has had a digitalization plan, which is termed “Bueno Aires+,” and as part of this plan, and in an attempt to simplify its relationship with its citizens, the city residents will now be allowed to pay taxes using digital currencies.

According to the local media, the head of government Horacio Rodriguez Larreta during a zoom call, announced this plan, where he explained that the initiative is part of the digitalization push the city is planning to fulfill, this to widen the access of citizens to documents and government service.

“Bueno Aires+” plan seeks to “simplify and streamline the link with citizens and the city,” said Larretta. Regarding the importance of blockchain in this digitalization push (that seeks to automate 70% of formalities during its first year of implementation), the secretary of Innovation and Digital Transformation, Diego Fernández, said:

“I believe that blockchain technology will give the government the possibility to make all its acts more transparent and encourage the participation of citizens in a deeper way.”

This plan is similar to that announced by the government of Rio de Janeiro in March; the city from next year will allow cryptocurrency payments for some kind of taxes.

Digital Identification Project

The implementation of a digital ID system is one of the key projects the government is looking to execute. This system will allow residents to simplify document requests and payments made to the city. This system is so versatile that it is interoperable; it is a system that many organizations of the government will interact with in a diverse way.

This, however, could also help address the issue of time-consuming errands in many government offices; it is also an opportunity to manage their tax payment system in a more easy way; also, other public organizations will be able to make use of data directly through their connection. It is on this note that Fernandez said that:

“People will have governance over their information. We are developing a platform so that they can know who is requesting their data and what they are looking at. Each of these orders will be made in an open blockchain-based system.”

What is your thought about Bueno Aires announcement of crypto payment for taxes? Do you think there will truly be a lot of opportunities in Latam for crypto companies in the future? Kindly express your view by commenting below.

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