Buenos Aires Mayor Horacio Rodrguez Larreta declared that the city is on the cusp of recognizing cryptocurrency as a form of payment that may be used for a variety of financial operations, including tax payments.
This unexpected action is one of many that are predicted to occur as soon as the city’s administration operations are digitalized, a development that is thought to be based on blockchain technology.
The city’s administration is pursuing digitalization through a 12-step strategy dubbed Buenos Aires Plus. The Mayor commented on the development, stating that the goal is to turn the capital city into a digital hub.
The Mayor commented on the development, stating that the goal is to turn the capital city into a digital hub.
As he puts it,
The self-sovereign digital identity is one of the most revolutionary instruments being given to citizens around the world for digital identification.
In terms of cryptocurrency payments, the Mayor stated that the city government does not aim to accept cryptocurrency directly from residents. Instead, regulations will be implemented to convert the cryptocurrency into Argentine pesos before it is received by the government. Multiple crypto companies would be involved in the conversions, he said. The city will not have cryptocurrency in public accounts, but we will add another payment option to the ones we already have through an arrangement with virtual wallets, with the goal of making things easier.
In a separate release, the city’s secretary of innovation and digital transformation, Diego Fernández, stated that the program would be implemented in collaboration with numerous crypto exchanges in the region.
Fernandez also stated that the campaign would begin in earnest shortly and that local crypto exchanges like as SatoshiTango, Buenbit, Ripio, and Belo, as well as Bitso, based in Mexico, would play a key part.
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