The government of the City of Buenos Aires announced that it is now possible to pay taxes with cryptocurrencies in Buenos Aires. From now on, taxes such as ABL, Patents, and non-tax procedures, such as driver's licenses or payment of fines, can be paid with crypto assets.
The initiative was presented by the head of government, Jorge Macri, during an event at a bar in Colegiales that already accepts payments in crypto. The announcement was attended by representatives of the financial and technological ecosystem, including executives from Binance, Lemon, Bitso, the Argentine Fintech Chamber, and the NGO Bitcoin Argentina.
Crypto city
During the presentation, Jorge Macri emphasized that the goal is to consolidate the city as a leader in financial innovation. The proposed plan includes four measures that will benefit both taxpayers and companies in the sector. The first is the creation of a specific tax category for the buying and selling of crypto assets, providing greater regulatory clarity.
In addition, companies that provide virtual asset services will be exempt from bank withholdings, generating more liquidity and legal security.
Another announced modification is the differentiated tax calculation base. Until now, companies had to pay Gross Revenue Tax on the total of each transaction. However, with the new regulations, they will be taxed only on the exchange rate difference, similar to other financial instruments.
The fourth point is the possibility of paying taxes and procedures with cryptocurrencies through a QR code system. Although some virtual wallets already offered this option, the government of Buenos Aires is working on its own solution that allows operation from any wallet. This will simplify, for example, the process while promoting digital inclusion.
These measures have been well received by industry leaders, who believe that the new regulatory framework provides transparency and predictability. For the fintech and crypto ecosystem, the region is projected as an attractive center to establish startups and develop new technological solutions.
The goal is for the city to be a world leader in crypto. We already have the human capital and now we are generating the tools by reducing bureaucracy to facilitate taxpayer compliance and support the arrival of new companies establishing themselves here, said the head of government of the City of Buenos Aires.
Step towards the global digital economy
The implementation of tax payments with cryptocurrencies in Buenos Aires reflects an international trend where governments seek to integrate digital finance into the official system. In the medium term, the strategy aims to facilitate the formalization of operations with crypto and offer citizens and businesses a more modern, agile, and efficient state.
The challenge will be to maintain innovation without neglecting security and regulatory clarity, two key factors to consolidate trust in this new model.
The article Buenos Aires authorizes tax payments with cryptocurrencies was first seen on BeInCrypto Brazil.
