Rio de Janeiro Will Accept Bitcoin For Real Estate Taxes from 2023

Rio de Janeiro, Brazil, will officially begin accepting Bitcoin (BTC) payments for taxes on urban real estate within their city limits, also known as Imposto Sobre a propriedade predial e territorial urbana (IPTU). The new pro-crypto tax laws will go into effect in 2023, according to the Secretary of Economic Development, Innovation, and Simplification, Chico Bulhes.

Supporting this cause led by the Brazilian Mayor Eduardo Paes, Binance CEO Changpeng Zhao announced to open a new office in the region stating that “He’s done his part. We are working on ours.”

With the implementation of this initiative, Rio de Janeiro will become the first Brazilian city to accept Bitcoin payments. According to the announcement:

“To enable the operation, the municipality will hire companies specialized in converting crypto assets into reais. In this way, the City Hall will receive 100% of the amount in the currency.”

Brazilian secretary Pedro Paulo went on to say that the city’s goal with the acceptance of cryptocurrencies is to create a solid market for this new asset class in the city, adding:

“We will stimulate the circulation of cryptocurrencies by integrating them into the payment of taxes, as in the case of IPTU and, in the future, this can be expanded to services such as taxi races, for example.”

The city also intends to implement governance policies based on nonfungible tokens (NFTs) in a variety of markets, including arts, culture, and tourism.

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