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Mendoza, an Argentine province, has established a system that allows taxpayers to pay their taxes entirely in cryptocurrency.The system, which was introduced this week, is part of a deliberate drive by the Mendoza tax authority to modernize and digitize payments, and it leverages the services of a third party to execute the transactions.More and more governments are increasingly using cryptocurrencies as a means of paying state-related duties because of their increasing popularity. Mendoza, an Argentine province, is one of the first in the country to establish a digital system that allows taxpayers to make payments and perform other transactions using digital currency.The system, which officially launches on August 24, is part of a planned initiative by the province&#39;s authorities to modernize the payment of taxes and state tributes, offering individuals with multiple choices for meeting their duties. Nicolas Chávez, general director of the Mendoza taxation authority, stated:“It is yet another route for residents to pay their taxes. This is a payment processing solution into which we have incorporated modern technologies such as <a href="https://www.coingabbar.com/en/gabbar-gbr-token" rel="noopener noreferrer nofollow">virtual wallets and cryptocurrency.”</a>While the payment facility is directly added to the province&#39;s page, payments are handled by a third-party company that accepts crypto and liquidates payments made to the province in Argentine pesos. The system only accepts payments in <a href="https://www.coingabbar.com/en/cryptocurrency-category/stablecoins" rel="noopener noreferrer nofollow">stablecoins such as USDT, USDC, and DAI. </a>In this way, the system keeps volatility out of its operations.Other local administrations in Argentina and Latin America have also declared the acceptance of cryptocurrency as a form of tax payment. In April, Horacio Larreta, the mayor of Buenos Aires, revealed that the city planned to implement cryptocurrency payments for taxes. According to Larreta, this use case might be deployed in 2023 with a blockchain-based identity system.Rio de Janeiro, one of Brazil&#39;s largest cities, announced that these assets would be included in tax payments in 2023 due to their popularity. However, Rio&#39;s plans go even further, picturing crypto payments for other services such as taxi rides and NFTs to promote arts, culture, and tourism, as well as investing a portion of public revenues in crypto through a new entity called the Municipal Committee for Crypto Investments.

Top Cryptocurrency News: Argentinian Province Mendoza Starts Accepting Tax Payments in Cryptocurrency

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