Argentine Province Authorities Allowed Paying Taxes with Cryptocurrency
One of Argentina's provinces, Mendoza implements a special digital system for paying taxes in cryptocurrencies. The system was launched on August 24, and, according to the authorities, it is part of modernizing the governmental tax payment system.
Taxpayers can use the official tax authority website, since payment utility is implemented on its platform while a third-party company processes their payments. It accepts cryptocurrencies and conducts transactions made in Argentine pesos. The system accepts payments in stablecoins such as USDT, DAI and USDC.
Previously, in November 2021, Argentina introduced a 0.6% tax for operators of cryptocurrency exchanges for trading digital assets. Prior to this, only companies that used certain banking operations were subject to a tax of 0.6% in Argentina. Cryptocurrency trading platforms did not pay taxes because they were part of an exemption that applied to fintech companies registered as payment service providers (PSPs). New taxation caused a wave of discontent among representatives of crypto trading platforms, but the rule came into force.
Today, Argentina goes further and becomes one of the first countries in the world where people can pay taxes via cryptocurrencies. Paying taxes with crypto is an additional function: people can still proceed paying with fiat currency as they used to do it before.
Quickex.io partner writes