In Argentina, citizens from the Mendoza province will now be permitted to pay government fees and taxes through the use of cryptocurrencies, according to Cointelegraph.
As per Cointelegraph, through a statement, the Mendoza Tax Administration (ATM) stated that the new cryptocurrency payment service will aim to fulfill the objectives of modernisation and innovation, with taxpayers given different meaning to follow the given tax obligations. Officially, the service began its operations in this month, and is currently accepting stablecoins such as Tether (USDT) for taxation payments. Users can pay through the portal on the ATM website using cryptocurrency wallets such as Binance, Bybit and Ripio. When the user decides to make the payment, the system sends a QR code, with the equivalent value of stablecoins converted to pesos through an undisclosed online payment service provider. After receiving payment, a receipt is send to the taxpayer.
On the basis of information by Cointelegraph, ATM’s announcement is latest in the line of cryptocurrency-related adoptions in Argentina. Earlier, MasterCard announced that it would launch a card enabling 14 coins including USDT in Argentina before supporting a rollout of 90 million online and physical stores. In April, Buenos Aires unveiled plans to start acceptance of public financial transactions in cryptocurrency. Since 2016, the country has been fighting against inflation due to lack of trust in central bank and government spending reaching new high values.
“USDT allows Argentinians to access a market that is global and liberates them from local black markets with constrained liquidity resulting in high premiums. It also empowers them to hold Tether in ways that cannot be confiscated by the government, unlike local bank accounts,” Tether added.
Moreover, Cointelegraph noted that despite the market still suffering from cryptocurrency winter effects and central bank trying to block coin offerings, the country’s citizens are turning to stablecoins to help store the value of their savings in the United States Dollar (USD).
(With insights from Cointelegraph)