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Wednesday, September 28, 2022

Buenos Aires Will Soon Accept Cryptocurrency For Tax Payment

Buenos Aires is the capital of Argentina and it has nearly 12 million citizens which will help it to make blockchain an important part of the drive of digitization. The city will accept all the financial transactions of the public in crypto from recent times. Horacio Rodriguez Larreta, the Mayor of the city stated a development plan consisting of 12 steps which have been given the name ‘Buenos Aire+’. 

Buenos Aires Launched DLT-Supported Profiles Of Citizens

This announcement was done while showing his Steve Job-styled presentation on 25th April and the plan will have the motive to increase significantly blockchain and crypto adoption. The authorities of the city are ready to start a platform for the online IDs of the citizens which will have the capability to hold the necessary information in it as a certificate of vaccination, medical information, documents of education, date of birth, and many more. 

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The platform ensures the safety and protection of these sensitive data with the help of distributed ledger technology (DLT). in the words of Larreta, every stream of information will be safeguarded by the technology of blockchain and this will broaden the progression of geometry. Thus, they will try to be the pioneers of the adoption of technology to allow the users to have control over the data with their own capability. 

This is the second out of a total of 12 steps that are taken towards making Buenos Aires digital and in the ninth step there is an option given to the citizens of the country to pay their taxes with the help of cryptocurrency. 

The city would not hold crypto on the public accounts of the people, rather it will help convert the transactions of crypto into pesos of Argentina. However, as per Diego Fernandez, the Secretary of Innovation and Digital Transformation, they will connect with local exchanges of crypto like Buenbit, Belo, Ripio, and many more.

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