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rgentina has just made it easier for residents of Mendoza to pay taxes and fees with cryptocurrency.

The province of Mendoza, which incorporates the desert city of the same name and is located in western Argentina along the Andes mountain range, launched the new feature last week.

Taxpayers who want to send funds from their wallets can obtain a QR code and follow this nifty step-by-step guide

The company has not been identified yet, but it will provide an online payment service and convert those cryptocurrencies into pesos for tax administration, according to the press release.

In April, the city of Buenos Aires in Argentina announced that they would be allowing the use and payment of taxes using cryptocurrency. To date, however, it is unclear when this new law might go into effect as government officials have not yet specified an exact launch date or time frame.

The move toward digital currency as a means of taxation has been steadily growing since March this year, when Florida Governor Ron DeSantis announced that his state would begin accepting taxes in crypto. One Swiss Confederation member state, Zug, started acceptance last year.

"This new service is part of Mendoza's tax authority's modernization and innovation strategic goal so that taxpayers have different methods to comply with their tax obligations," the tax authority said.

Is Latin America a Cryptocurrency Hub?

Several governments have attempted to regulate and integrate cryptocurrency this year. Apart from numerous efforts to combat crypto-related financial fraud, the Federal Reserve has finally issued guidelines for related businesses accessing the so-called master accounts.

For a long time, numerous Latin American countries have become more deeply engaged with cryptocurrency. For example, El Salvador was the first country to accept Bitcoin as a legal tender last summer, ordering all businesses to accept a digital currency.

The recent move from Argentina's Mendoza province is also a significant breakthrough for cryptocurrency. Although the country experienced a fintech institution surge in 2020, the wine-making region made a significant step in a new direction, given Argentina's traditional preference for cash.

Posted 
Sep 1, 2022
 in 
Digital Lifestyle
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