Residents of Rio de Janeiro will be able to pay property taxes in Bitcoins

Residents of Rio de Janeiro will be able to pay property taxes in Bitcoins

The head of Rio de Janeiro’s administration, Eduardo Paes, together with the head of Binance, Changpeng Zhao, launched a project that will allow to pay the city’s property tax in Bitcoins. The head of Binance said on Twitter about the joint initiative and the placement of an office in Rio de Janeiro.

“Nine days ago I made an agreement with Rio de Janeiro Mayor Eduardo Paes that the city will accept cryptocurrency to pay taxes,” SZ reported. He added that Binance will open an office in Rio. – “He’s done his part. We are working on ours”.

Brazil’s Economic Development and Innovation Secretary Chicão Bulhões said that new cryptocurrency tax laws will be implemented starting in 2023. The announcement says that the implementation of payment of taxes related to urban real estate within Rio de Janeiro – Imposto sobre a propriedade predial e Territory Urbana (IPTU) – will make Rio the first Brazilian city where bitcoin payments will become generally accepted.

“The municipality will hire companies specializing in the conversion of cryptoassets into reais to carry out the operation. In this way, the mayor’s office will receive 100% of the amount in local currency”, the statement said.

Brazilian Finance Minister Pedro Paulo said Rio de Janeiro’s goal after adopting cryptocurrencies is to create a reliable market for digital assets.

“We will stimulate the circulation of cryptocurrencies by integrating them into the payment of taxes. In the future, this could be extended to city services, such as cabs”, he reported.

Rio de Janeiro plans to implement Non-Forfeitable Token (NFT) management policies in various markets including art, culture and tourism.

Recall that in February, Brazil’s Senate Committee on Economic Affairs approved a bill identifying supervisory bodies that would be responsible for regulating the cryptocurrency industry in the country.

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Written by Renat
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