Argentina: Mendoza opens its doors to stablecoins
The Tax Authority of Mendoza (ATM), a province in western Argentina, has started allowing tax payments with cryptocurrencies.
The responsible institution announced on its official website that Mendoza residents could make payments online using stable cryptocurrencies such as USD, Tether (USDT), DAI, and others.
Tether is one of the most popular and highly capitalized stablecoins, the value of which is backed by the US dollar.
After the payment is made with the cryptocurrencies, a company undisclosed by the Mendoza authorities converts the stablecoins into pesos, and the taxpayer receives the corresponding proof of payment.
Alejandro Donati, general director of the ATM, said the initiative is part of the “modernization and innovation of the ATM so that taxpayers have different ways to meet their tax obligations.”
The option to pay taxes is already available. Those interested can follow the step-by-step instructions for paying taxes with Stablecoins in a tutorial provided by ATM.
The first process involved an employee paying an installment of car tax with money from his digital wallet.
This initiative is part of the plans of Ulpiano Suarez, the mayor of Mendoza, to transform the city into a “Bitcoin City” or a friendly place with new technologies, especially with cryptocurrencies like Bitcoin.
Besides Mendoza, the next place to adopt Bitcoin (BTC) and other cryptocurrencies for tax payments could be the Autonomous City of Buenos Aires (CABA).
Last April, Buenos Aires Gov. Horacio Rodríguez Larreta indicated that they were working with “leading companies” to allow those who want to pay their taxes with cryptocurrencies.
“This does not mean that the city will have cryptos in public accounts, but that through an agreement with the so-called virtual wallets, we will add another payment option to all those already available,” Larreta said.
With information from Latina Press
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