The Mendoza government has added cryptocurrency to its legal tax options and provided a step-by-step guide for users.
Argentina’s wine capital and one of the world’s top destinations for wine lovers, the province of Mendoza, now accepts cryptocurrencies for tax obligations and other government fees.
This comes after the state tax agency, the Mendoza Tax Authority (ATM), announced that it added new payment methods to make it easier to pay taxes online.
pay taxes online with crypto
“This new service is part of a strategic goal of modernization and innovation carried out by the Mendoza Tax Authority to ensure that taxpayers have a range of avenues to comply with their tax obligations.,” Read part of the press release.
The crypto payment option will support all types of crypto wallets and taxpayers will need to scan a QR code to complete the transaction, officials advise in their guide.
However, although payments are made in cryptocurrencies, ATMs partner with cryptocurrency payment providers to convert cryptocurrencies into local pesos. According to the announcement, this will help tax oversight agencies provide proof of payments and transfer these to the government in pesos.
The move by the Mendoza government to accept cryptocurrencies to pay its tax obligations comes as more people turned to cryptocurrencies as inflation in Argentina soared. Annual inflation reached his 20-year high of 71% in figures reported earlier this month, and the central bank raised interest rates by 950 bps to bring him to 69.5%.
the latest economist projected The country’s inflation rate will reach 90% by the end of the year.