Cryptos are increasingly being used to carry out different transactions around the world. They allow you to pay for goods and services in physical and virtual stores. Recently, they have appeared in the tax field. Find out how it was done.
A province of Argentina adopts cryptos in taxation
Under a tweet from Bitcoin Magazine on August 29, “ the Argentine province of Mendoza now accepts bitcoin and cryptocurrencies for tax payments ». Indeed, Mendoza is a province in Argentina where taxpayers have the ability to pay their taxes entirely in cryptocurrencies. The launch of the system took place during the past week, on August 24th. It must be said that currently the Mendoza tax administration is conducting a strategic effort to modernize and digitize funds.
That said, the Argentine province of Mendoza is one of the first to propose such a tax payment system. Nicolás Chávez, basic director of the Mendoza tax administration, affirmed: “ This is one more door to facilitate the payment of taxes to taxpayers. It can be a service provided by the fee processor to which we have now integrated new know-how, corresponding to digital wallets and cryptocurrencies. ».
Taxpayers can easily access the taxation utility from the web page dedicated to the province. The funds paid will be processed by an external crypto company that will donate them to the province in Argentine pesos. With this system, the payment of taxes can only be done in stablecoins.
The province has opted for these digital assets in order to protect taxpayers from transaction volatility. Among the stablecoins accepted by the system, there are: Dai (DAI), USD Coin (USDC) and Tether (USDT).
Outside of Argentina, different municipal administrations in America have introduced cryptos for the payment of taxes. This is the case in Latin America and Brazil, more precisely in Rio de Janeiro.
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Far from having cooled my ardor, an unsuccessful investment in 2017 on a cryptocurrency only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay information related to this ecosystem with my pen.