As of August 24 in Argentina, the New Mendoza Tax Administration started accepting crypto payments.
Residents of Mendoza Province (Argentina) can now pay government fees and taxes with cryptocurrencies. This is another step toward the widespread use of cryptocurrencies in Argentina.
In a statement released on August 27, the Mendoza Tax Administration (ATM) said that the new cryptocurrency payment service met “the strategic goal of modernization and innovation” and gave taxpayers “different ways to meet their tax obligations.”
The service started up for real on August 24, but for now, you can only pay your taxes with stable coins like Tether (USDT).
People in Argentina can use crypto wallets like Binance, Bybit, and Ripio to pay through the portal on the ATM website.
When a user chooses to pay with cryptocurrencies, the system sends them a QR code with the equivalent amount of stablecoins converted to pesos by an online payment service provider whose name is kept secret.
When ATM gets the money, it sends a receipt to the taxpayer.
Another step toward the widespread use of Crypto in Argentina
The ATM’s news is just the latest in a long line of crypto-related changes that have been made in Argentina.
Mastercard said earlier this month that it would release a card that works with 14 coins, including USDT, in Argentina before rolling it out to 90 million online and offline stores.
In April, Buenos Aires, the country’s capital, announced plans to start letting the public pay for things with crypto.
Due to an unstable economy, there has been a lot of interest in cryptocurrencies, especially stablecoins, whose prices went up after Argentina’s economy minister quit in July.
In a recent report, Tether said that the country has “always had to deal with high levels of inflation.” Because the Argentinian Peso isn’t stable, there’s a lot of demand for US dollars.
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Since 2016, Argentina has been fighting inflation alone, as trust in the central bank and government spending reached all-time highs.
When you add in the falling value of the Argentinean peso, you have a perfect storm of events that has led many people to turn to Bitcoin (BTC) and other cryptocurrencies as a hedge against inflation.
“USDT gives Argentinians access to a truly global market and frees them from local black markets that have limited liquidity and high prices because of it. It also gives them the chance to hold Tether in ways that the government can’t take away, unlike local bank accounts “added Tether.
Even though the market is still in the middle of a crypto winter and the central bank took action in May to stop coin offerings, people in the country still use stablecoins to store the value of their savings in US dollars (USD).
