The Brazilian city of Rio de Janeiro to accept Bitcoin for Real Estate Taxes
Binance CEO Changeng Zhao declared to open a new office in Brazilian city that "He's done his part. We are working on ours."
The Brazillian city of Rio de Janeiro will officially start accepting Bitcoin (BTC) payments for taxes related to urban real estate within the city limits. a.k.a Imposto sobre a propridade predial e territorial urbana (IPTU)
New pro-crypto tax laws will be implemented from 2023, which was declared by the Secretary of Economic Development, innovation, and Simplification, Chicago Bulhoes.
Work from anywhere = Rio! Welcome @binance… Rio on blockchain! @eduardopaes https://t.co/NJEArEvEXV
— Chicão (@ChicaoBulhoes) March 26, 2022
Brazilian Mayor Eduardo Paes, Binance CEO Changepeng Zhao declared to open a new office in the region declared that "He's done his part. We are working on ours."
9 days ago, I made a handshake deal with mayor @eduardopaes. Rio De Janeiro will accept crypto for tax payments, and @Binance will open an office in Rio. He's done his part. We are working on ours. https://t.co/HPJONtBfQ8
— CZ Binance (@cz_binance) March 26, 2022
Rio de Janeiro was the first Brazilian city to make BTC payments mainstream. According to the translated declaration.
“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 assets class in the city, stated:
“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.”
Also, the city aims to involve nonfungible-tokens(NFT) based governance policies across different markets including arts, culture, and tourism.
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 different BTC and crypto-related services.
Read: Man from India is on mission to travel 40 countries using Bitcoin only