Argentina’s Major Wine-Making Province Now Accepts Tax Payments in Crypto

Mendoza province authorities announced on Saturday, August 27th, that residents can pay regional taxes and fees using crypto. The release also provided a detailed guide on how to make these payments via the provincial tax authority website.

The Mendoza Region Joins Florida and Zug Canton in Allowing Crypto Tax Payments

The ability to pay regional taxes using crypto wallets is being rolled out as a part of the Mendoza region’s push to modernize its administrations. Additionally, the release states that the intent of the initiative is to give more tools to taxpayers to fulfill their obligations.

However, the report also noted that a company providing the infrastructure for crypto payments will also be converting the cryptocurrencies into Argentinian pesos before handing them over to the administration.

This move adds the Mendoza province to the currently short list of regions allowing tax payments in crypto. The Swiss Zug Canton was the first to provide this option back in 2020. More recently, Florida’s Governor DeSantis announced that the state is open to accepting tax payments in crypto from businesses.

Is Latin America a Crypto Hub?

This year has seen numerous governments seeking to regulate and integrate crypto more thoroughly. Apart from many moves to stamp down on crypto-related money laundering, the Federal Reserve finally issued its guidelines for crypto-related companies on how they can access the so-called master accounts.

Various Latin American countries have been more deeply engaged with crypto for a fairly long time. For example, last summer, El Salvador was the first country to recognize Bitcoin as a legal tender when it ordered all businesses to accept that cryptocurrency.

The recent move coming from Argentina’s Mendoza province is also a major breakthrough for crypto. Despite the fact that the country saw a fintech institution boom in 2020, the wine-making region still took a great step in a new direction considering the traditional preference for cash in Argentina.

This article originally appeared on The Tokenist

Sponsored: Find a Qualified Financial Advisor

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.