The Brazilian city of Rio de Janeiro will officially begin accepting payments in bitcoin (BTC) to pay taxes on urban real estate within the city.
Rio de Janeiro Will Accept Bitcoin as a Real Estate Tax
According to Brazil, new laws on taxes on cryptocurrencies announced by Chicao Bulhoins, Minister of Economic Development, Innovation and Simplification, will be put into effect from 2023.
Binance CEO Changpeng Zhao, who is supporting this lawsuit, led by Brazilian Mayor Eduardo Paes, has announced that he will open a new office in the region.
The CEO of Binance made the following statements in his statement about this;
“Rio de Janeiro has done its job. We also run our own business.”
The rollout of this initiative will make Rio de Janeiro the first Brazilian city to popularize payments in BTC. According to the statement of the Mayor of Brazil Eduardo Paes;
To ensure the work, the municipality will hire companies specializing in the sale of crypto assets. Thus, the Town Hall will receive 100% of the amount in the currency.
Brazilian Secretary Pedro Paulo also acknowledged that with the adoption of cryptocurrencies, creating a solid market for this new asset class in the city is key, adding:
We will promote the circulation of cryptocurrencies by integrating them into tax payments, as in the case of IPTU, and in the future this may be extended to many services, for example, taxi racing.
NFT-based management policies
The city also plans to implement a management policy based on non-exchangeable tokens (NFT) in various fields, including art, culture and tourism.
Earlier this year, on January 29, Meta, the world’s largest social media platform, filed an application for trademark registration with the Brazilian authorities for the design, development and supply of hardware and software for various services related to BTC and cryptocurrency.
According to the information on this issue, the order for the registration of the Meta trademark was placed from Jamaica on October 5, 2021.