Aug. 28 (UPI) -- Buenos Aires has allowed certain local taxes, vehicle registrations, driver's licenses and fines to be paid with cryptocurrency for the first time as part of an effort to position the Argentine capital as a leader in using digital currency.
"The goal is for the city to be a global leader in crypto. We already have the human capital, and now we are creating the tools by reducing bureaucracy to make compliance easier for taxpayers and to support the arrival of new companies setting up here," said Jorge Macri, chief of government of Buenos Aires, at the launch of the project.
The initiative, called Buenos Aires Cripto, includes measures to modernize the tax system, promote foreign investment and position the capital as a regional benchmark in the field.
"The digital economy requires us to update and adapt with a government that is modern, agile, efficient and smart," Macri said. He added that new tax measures are being introduced to give businesses a friendlier regulatory framework, including simpler tax filings and changes in how some taxes are calculated.
The shift reflects the fact that both companies and individuals use cryptocurrencies in daily life, including to receive payments from abroad.
