Mendoza Residents Are Allowed To Pay Taxes In Cryptocurrency

The Mendoza Tax Administration (ATM) has added cryptocurrency as a new method of collecting taxes and fees. Taxpayers can connect their Binance, Bybit, or Bitso wallet to their tax declaration account.

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.

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