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Wednesday, December 7, 2022

Mendoza Now Accepts Crypto As Payment

An Argentinian province named Mendoza has put in place a mechanism that enables taxpayers to pay all of their taxes in full using bitcoins.

The system, which went live this week, is a tactical effort by the tax authority of Mendoza to modernize and digitize payments, and it uses a third company to handle the transaction processing.

Mendoza Accepts Bitcoin As Payment

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Due to their recent popularity, cryptocurrencies are now accepted by an increasing number of governments as a means of paying for duties associated with the state. One of the first provinces in Argentina, Mendoza, has a digital infrastructure in place that enables taxpayers to make payments and conduct other transactions using virtual currency.

The system, which went live on August 24, is a tactical move by the province’s authorities to modernize the payment of taxes and state tributes while giving individuals a variety of options to complete their duties.

Although the payment utility is immediately integrated into the province’s page, the payments are processed by a separate business that accepts cryptocurrency and converts Argentine peso payments made to the province into other currencies. Only stablecoins, including USDT, USDC, and DAI, among others, are accepted by the system as payment. The system keeps volatility out of its operations in this way.

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One of Brazil’s largest cities, Rio de Janeiro, indicated that these assets would be included as tax payments in 2023 as a result of their growing popularity. However, Rio’s plans go even further; they include the use of NFTs to promote the arts, culture, and tourism, as well as crypto payments for other services like taxi rides, as well as the investment of a portion of the city’s funds through a new organization called the Municipal Committee for Crypto Investments.

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