Brazilian city Rio de Janeiro will now accept Bitcoin (BTC), as payment for taxes on urban real property within their city limits. Imposto sobre a propriedade predial e territorial urbana (IPTU).
As reported by Cointelegraph Brazil, 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.
— Chicão (@ChicaoBulhoes) March 26, 2022
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.”
9 days ago, I made an agreement with the mayor @eduardopaes. Rio De Janeiro will accept cryptocurrency for tax payments @BinanceIn Rio, he will open an office. He has done his part. We are working on ours. https://t.co/HPJONtBfQ8
— CZ Binance (@cz_binance) March 26, 2022
Rio de Janeiro will be the first Brazilian city to accept BTC payments. According to the translated 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 further acknowledged that the city’s goal — with the acceptance of cryptocurrencies — is to develop a solid market of 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 plans to use nonfungible tokens, or NFT-based governance policies in various markets, including arts and culture.
Related: Meta travels to Brazil to trademark Bitcoin, and crypto services
Earlier this year on Jan. 29, Meta, the world’s biggest social media platform, filed a trademark registration with the Brazilian authorities to design, develop and provision hardware and software for various BTC and crypto-related services.
As Cointelegraph reported, Meta’s trademark filing order was placed on Oct. 5, 2021, from Jamaica.
Source: Coin Telegraph