Argentina’s Mendoza Adds Crypto Support for Tax Payments

UTC by Babafemi Adebajo · 2 min read
Argentina’s Mendoza Adds Crypto Support for Tax Payments
Photo: Depositphotos

Meanwhile, the Mendoza Tax Administration is not the only government considering crypto support for tax payments.

The Mendoza Tax Administration has added crypto support for tax payments to the province. According to the announcement, taxpayers can now fulfill their tax obligations to the province using cryptocurrencies.

The authorities noted the new strategy is to provide taxpayers with an alternative way to make their tax payments. The announcement neglected to mention the crypto company providing the payment gateway. However, it noted that the payment gateway supports multiple crypto wallets.

Further, the company would be responsible for converting the cryptocurrencies to pesos and providing proof of payment to the taxpayer. To make tax payments, taxpayers can visit the Mendoza Tax Administration website. An elaborate tutorial to guide taxpayers through the entire process is also available on the website.

Crypto Support for Tax Payments Just Another Step

Argentina has seen growing adoption of cryptocurrencies owing to its battle with inflation. Trading Economics put the inflation figures at 55% as of April. According to Statista, about 21% of Argentines used or owned cryptocurrencies in 2021. The South American state is touted to have the sixth highest crypto-adoption rate in the world.

Yet again, in May, a Bloomberg survey showed 60% of respondents demanding increased exposure to cryptocurrencies. Consequently, many companies operating in the region have embraced cryptocurrencies in some form.

In April, Buenos Aires announced it would begin accepting cryptocurrencies for taxes. Earlier this month, Mastercard announced its plan to launch a crypto card with Binance supporting 14 tokens. The card will be usable in 90 million online and physical stores once the wider rollout is complete.

Given all these, allowing Argentines in the Mendoza province to use cryptocurrency for tax payment is just another way the government is supporting the move towards crypto.

One of Many

Meanwhile, the Mendoza Tax Administration is not the only government considering crypto support for tax payments.

Earlier in the year, Florida Governor Ron DeSantis announced the state would begin to allow firms to pay their taxes in cryptocurrencies. Also, last year, The Zug, a Swiss Confederation member state, began accepting bitcoin and ether.

In nearby Brazil, authorities of Rio de Janeiro announced it will allow payment of municipal real estate taxes using cryptocurrencies from 2023.

Altcoin News, Cryptocurrency news, News
Babafemi Adebajo

An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.

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