The Mendoza Tax Administration (ATM) in Argentina has added the ability for residents to pay local taxes and fees using dollar stablecoins.
According to the ATM’s official website, the new payment system will allow more than 2 million Mendoza province residents to pay state fees and taxes using cryptocurrency assets, specifically stablecoins.
The innovation is part of a plan for the “modernization and innovation” of payments in Argentina. Nicolas Chávez, General Manager of the ATM, said the new online service allows taxpayers to use digital funds to comply with their tax obligations.
To use the service, you need to visit the ATM’s official website, select the appropriate payment method, connect your cryptocurrency, and deposit digital funds through a system-generated QR code. After receiving the payment, the service will convert coins into Argentine pesos and provide the payer with the transaction receipt.
At the first stage of testing the service, payments can be made only by using stablecoins, whose value is tied to the U.S. dollar: Tether (USDT), USD Coin (USDC), or Dai (DAI). The service will expand the list of available cryptocurrencies in the future. Payments can be made through popular cryptocurrency wallets like Binance, Ripio, Buenbit, Bitso, Lemon, or Bybit.
The tax administration does not specify which company acts as an online payment service provider and performs the conversion. The only thing reported is that the conversion rate will be the same as the official rate.
The adoption of crypto initiatives in the Latin American region is gaining momentum. A recent study showed that about 12% of the Argentine population owns digital assets and uses them as a tool to fight inflation.
