The Brazilian city of Rio de Janeiro will officially start accepting Bitcoin payments for taxes

Rio de Janeiro, Brazil’s second-largest city, will begin accepting cryptocurrency payments for property taxes in 2023.

The new pro-crypto tax laws will be implemented from 2023, which was announced by the Secretary of Economic Development, Innovation, and Simplification, Chicão Bulhões.

Rio de Janeiro to accept Bitcoin for real estate taxes from 2023

According to an announcement from the Rio de Janeiro City Hall, the city will contract with multiple companies to handle the conversion of cryptocurrency to real Brazil.

Binance Chief Executive Officer Changpeng Zhao announced the opening of a new office in the region, noting that: “He has done his share. We are doing ours.”

According to the translated document:

“To facilitate the operation, the municipality will contract with firms that specialize in converting cryptocurrency to reais. This manner, City Hall will receive the whole amount in money.”

Additionally, Rio is about to release a one-of-a-kind collection of NFTs. However, those NFTs will contain pictures of the city’s most popular tourist attractions.

Pedro Paulo, the city’s finance and development secretary, will benefit local artists while encouraging tourists to the town. Rio’s latest initiatives are not the first. As previously reported, Paes announced his intention to invest 1% of the city’s funds in digital currency during a meeting with Miami Mayor Francis Suarez.

Rio de Janeiro’s secretary of finance and planning, Pedro Paulo, announced that the city intends to offer an additional discount to citizens who pay taxes with cryptocurrencies. The city’s crypto ambitions hardly come as a surprise. Just last month, the economic affairs committee of the Brazilian Senate unanimously passed a law regulating the country’s cryptocurrency sector.

The bill’s provisions specify virtual assets and the role of service providers. Furthermore, it details the types of behavior that can lead to criminal liability and establishes penalties for rule violations.

Meta, the world’s largest social media platform, registered a trademark with Brazilian regulatory authorities on January 29 for designing, developing, and providing hardware and software for a variety of services. Bitcoin and Cryptocurrency related services.

Meanwhile, Brazil’s central bank is actively building its own digital currency. Earlier this month, the central bank selected proposals from Visa and Santander to assess the feasibility of establishing a CBDC. The Brazilian Real is likely to begin a test phase in the second half of this year.

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