Buenos Aires residents will be able to pay local taxes with cryptocurrencies.

BarcelonaNew tax policy measure in Argentina's capital. The Buenos Aires city government has announced that it will accept cryptocurrencies for the payment of local taxes, such as property taxes and vehicle registration fees. "The goal is for the city to become a world leader in crypto", proclaimed the head of the capital's government, Jorge Macri.

This measure seeks to take advantage of the high adoption of crypto assets in Argentina, as well as reduce bureaucracy to "facilitate taxpayer compliance and accompany the arrival of new companies." According to official data, in the city of Buenos Aires there are about 10. abroad, while in Argentina there are about 10 million accounts crypto, a figure equivalent to 22% of the total volume of this type of account in Latin America.

According to the announcement by the Buenos Aires Executive, Buenos Aires will allow citizens and companies to pay local taxes with cryptocurrencies, but they can also use them for procedures such as obtaining driver's licenses or paying traffic fines. Separately, the Buenos Aires government announced a series of measures to make it easier for companies to operate with cryptocurrencies.

"These measures generate that the world crypto "You see how the city is becoming friendlier every day. The digital economy is driving us to update and adapt with a modern, agile, efficient, and intelligent state. We want talent to find a place to grow, innovate, and lead without obstacles," remarked Macri, cousin of former President Mauricio Macri.

Precedents

The Argentine city of Luján de Cuyo, in the province of Mendoza, was a pioneer in 2022 in allowing the payment of municipal taxes with cryptocurrencies, an initiative later followed by other municipalities, such as Marcos Paz, in the province of Buenos Aires.

This is not an unfamiliar area for the country's politicians. In fact, the first major crisis of Javier Milei's government in Argentina was linked to cryptocurrencies. The president of the Latin American country promoted the launch of a new digital currency called $Libra and argued that it would help "incentivize the growth of the Argentine economy."

After reports surfaced about possible links between this cryptocurrency and online scams, the Argentine president backtracked and deleted the post. The value of this crypto asset—its market capitalization had soared to $4.5 billion—immediately plummeted. The cryptocurrency trapped more than 40,000 investors who responded to Milei's appeal.