Buenos Aires Citizens May Soon Pay Taxes With Cryptocurrency

Buenos Aires, the capital of Argentina, is planning to permit its citizens to clear their taxes with Cryptocurrencies.

Buenos Aires, the capital of Argentina, is planning to permit its citizens to clear their taxes with Cryptocurrencies, as per some report. Horacio Larreta, the head of the government explained the move to materialize the  digitization plan which is referred to as “Buenos Aires+”.  The whole process of digitalization aims to simplify the procedures and transactions between the city and its people.

On one hand where the economies across the world are trying to regulate the crypto market, on the other it seems that digital currency and assets have become an unstoppable phenomenon.

Citing the importance of blockchain for  digitization of Buenos Aires, Diego Fernández, secretary of Innovation and Digital Transformation, stated:

I believe that blockchain technology will give the government the possibility to make all its acts more transparent and encourage the participation of citizens in a deeper way.

The government agencies plan to collect taxes in cryptocurrency via crypto firms which will also convert it to the fiat currency of Argentina, Argentine pesos before handing over to the government.

Rodríguez Larreta announced, “The city is not going to have crypto in public accounts, but through an agreement with virtual wallets we are going to add one more payment option to the ones we already have, with the idea of making things easier”.

In the race of digitalization, the city is keen to implement digital ID system so that various government departments can sort out the queries, requests and problems of the citizens through some common portals.

Fernandez also stated: “People will have governance over their information. We are developing a platform so that they can know who is requesting their data and what they are looking at. Each of these orders will be made in an open blockchain-based system.”

Before Buenos Aires, a similar announcement was made by Brazil’s Rio de Janeiro according to which, by 2023, municipal real estate tax could be paid with cryptocurrencies.