Mendoza is a province located in central-western Argentina, with the fifth largest area and the fourth largest population in Argentina. At the end of last week, the Mendoza Tax Administration (ATM) announced the addition of stablecoins as a new method of collecting taxes and fees.
According to the documentation, stablecoins such as DAI, Tether (USDT), and MakerDao are displayed at the crypto payment option.
To fulfill tax obligations, taxpayers will connect to an e-wallet. ATM has 6 e-wallet options: Binance, Bybit, Ripio, Buenbit, Bitso, and Lemon. The system converts stablecoins referencing USD rates into local pesos and issues tax invoices, Clarín newspaper reported.
“This new service is part of the strategic objective of modernization and innovation carried out by the Mendoza Tax Administration so that taxpayers have different means to comply with their tax obligations,” a spokesman said.
By August 2022, Argentina witnessed an inflation rate of 64%. The economic crisis, state bankruptcy, the reduction of savings, and the loss of food are the causes that aggravate inflation. To fight inflation, people switched to using USD, which Argentinians call the Green Dollar. During the COVID-19 pandemic, the demand for using and investing in cryptocurrencies increased.
As transaction demand increases, real estate brokerage La Haus accepts Bitcoin. Many foreign exchanges, such as Binance and Bybit, joined this exciting market. Argentina’s largest bank, Banco Galicia, added Bitcoin, Ether, USDT, and XRP trading in May 2022. As can be seen, some Argentine people believe that cryptocurrencies are a hedge against inflation.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…
George Town, Grand Cayman, 22nd November 2024, Chainwire
Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…
Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…
Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…
Discover the success story of a New York tech entrepreneur who made $72M from a…
This website uses cookies.