Argentinian province to accept tax payments in crypto

The Argentinian province of Mendoza will now accept cryptocurrency as a means of payment for taxes.

Residents of the western Argentine province will now be able to pay taxes using stablecoin like DAI and USDT from any of their crypto wallets, the Mendoza Tax Administration (ATM) announced the on Saturday.

A QR code on the ATM’s website will be generated for taxpayers to scan their crypto wallet and carry out the payment, the crypto used will be converted into pesos.

The decision to enable taxpayers to use their crypto wallets could be a way to diffuse the estimated 70% year-on-year inflation that the South American country experienced in July.

Although El Salvador’s president Nayib Bukele made the Latin American country the first to accept Bitcoin (BTC) as a legal tender last year, the Argentinian president Alberto Fernandez has expressed an interest but has not made the relevant steps to initiate this idea.

The move by Mendoza follows shortly after Buenos Aires said it would start accepting crypto for payment of taxes in April.

However, regardless of the announcement the capital city has still not announced a finalized start date.

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Updated: 08/30/2022 — 14:00