Cryptocurrency: In Argentina, citizens from the Mendoza province will now be able to pay government fees and taxes using cryptocurrencies, Cointelegraph reports.
As reported by Cointelegraph, the Tax Administration of Mendoza (ATM) said in a statement that the new cryptocurrency payment service will aim to meet the goals of modernization and innovation, while giving taxpayers a different meaning to comply with given tax obligations.
The service officially launched this month and currently accepts stablecoins such as Tether (USDT) for tax 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 a 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 the payment, a receipt is sent to the taxpayer.
According to Cointelegraph, the ATM announcement is the latest in a series of cryptocurrency adoptions in Argentina. Earlier, MasterCard announced that it will launch a 14-coin-enabled card in Argentina, including USDT, before supporting the rollout of 90 million online and physical transactions.
In April, Buenos Aires unveiled plans to begin accepting public financial transactions in cryptocurrencies. Since 2016, the country has been struggling with inflation due to a lack of confidence in the central bank and government spending reaching new highs.
“The USDT gives Argentines access to a market that is global and frees them from local black markets with limited liquidity that result in high insurance premiums. It also gives them the power to hold Tether in ways that the government cannot seize, unlike local bank accounts,” Tether added.
In addition, Cointelegraph noted that despite the market still suffering from the winter effects of cryptocurrencies and the central bank trying to block coin offerings, the country’s citizens are turning to stablecoins to help store the value of their savings in United States dollars (USD). Follow mymorningtea.in