Mendoza Province In Argentina Receives USDT And DAI Stablecoin Payment

Mendoza Province accepts stablecoin payments. (Unsplash)

JAKARTA One of the provinces in Argentina, Mendoza, reportedly supports payments using stablecoin cryptocurrencies. Among them are USDT and DAI. With this support, Mendoza residents can pay for several government services with stablecoins.

For information, stablecoins are cryptocurrencies whose prices follow the price of fiat currencies such as US dollars and others. The Mendoza provincial government made stablecoins a tax payment option, as announced by the government on Saturday, August 27.

The Mendoza tax agency, the Administration Tax of Mendoza (ATM), provides payment options to about two million residents for tax payments as an effort to move towards "moderation and innovation."

Reporting from Decrypt, in an 11-page document that outlines the new crypto payment process, USDT Tether, and the DAI MakerDAO stablecoin are displayed as two cryptocurrency payment options.

Tax payments with crypto can use Binance, Ripio, Buenbit, Bitso, Lemon, or their Bybit. ATM sites will generate QR codes for users to scan with their crypto wallets after filling in the initial information.

After receiving the stablecoin, the ATM will convert US-bound stablecoins into Argentine pesos for processing and giving transaction receipts to taxpayers.

Mendoza province is located in western Argentina, southern San Juan, and eastern Chilean republic. This is the fourth most populous province in the country, with more than 1.7 million residents.

Argentina has a high inflation rate because it is no stranger to cryptocurrencies. With inflation levels of 64% year-on-year in August, it may not be surprising that the Mendoza government sees a crypto payment option. It is intended to provide access to its residents to use cryptocurrencies that are touted as a hedge against inflation.

Argentina is one of the Latin American countries open to the use of cryptocurrencies. Meanwhile, another LATAM country that has already adopted Bitcoin as a legal medium of exchange in El Salvador. The small country officially announced BTC as an official transaction tool in 2021.