Argentina is investigating the use of distributed ledger technology for all of its processes
Cryptocurrency might soon be accepted as a form of tax payment in Bueno Aires, according to the municipal mayor.
City Mayor Horacio Rodriguez Larreta of Buenos Aires, Argentina’s capital, said Monday he plans to recognise cryptocurrency as a medium for different financial operations, including tax payments, according to local media sources.
Many changes are predicted to occur once the city’s administrative operations are fully digitised, including this unexpected decision, which is said to be based on blockchain technology.
The Buenos Aires government has devised a 12-step plan called “Buenos Aires Plus” to implement this digitization effort.
The Mayor said that the goal of the project is to make the capital city a centre for the digital age. The way he sees it, When it comes to digital identification, self-sovereign identity is one of the most inventive instruments being handed out by governments all over the globe.
To that end, the Mayor clarified that the city would not be accepting cryptocurrency contributions directly from its citizens. Prior to the government receiving the cryptocurrency, policies will be implemented to convert it to Argentine pesos. There will be a number of crypto firms involved in these transactions, he said.
The city won’t have any crypto in public accounts, but we will add another payment option to the ones we currently have, in the hopes of making things simpler for residents and business owners.
Secretary of Innovation and Digital Transformation Diego Fernández said that the initiative will be launched with numerous crypto exchanges in this area in another statement that gives insight into how the government plans to accomplish this.
As part of the announcement, Fernandez said that the programme will begin formally shortly, adding that crypto exchanges like SatoshiTango, Buenbit, Ripio and Belo, and Mexico-based Bitso would play a big role.