Rio de Janeiro announces crypto payments for real estate taxes
The seaside city of Brazil, Rio de Janeiro has officially nnounced that it will accept Bitcoin for paying taxes on urban real estate within the city, also known as Imposto sobre a propriedade predial e territorial urbana (IPTU).
Rio officially announces crypto payments
This Friday, during the Carioca Criptoactivity event, which was organized by the municipal secretariats of Finance and Planning and of Economic Development, Innovation and Simplification, Rio’s Mayor Eduardo Paes, the secretaries Pedro Paulo and Chicão Bulhões presented CriptoRio report to reveal that the residents would be able to pay 2023’s IPTU with cryptocurrencies.The move by the authority aims to accelerate the development of the crypto market in the city. The municipality has planned to hire companies and individuals specialized in blockchain to carry out the conversion from crypto to reais. Rio has become the first country in Brazil to offer crypto payments for taxes.
Paes said that the effort makes it clear that the authorities recognize the crypto industry. He adds:
“Now those who invest in cryptocurrency and live in the city of Rio will be able to spend this asset here paying official tax in the city of Rio. And we're going to move forward quickly.”In addition, the city wants to establish NFT-based governance regulations in a variety of areas, including arts, culture, and tourism.
The secretaries also announced the formation of the Municipal Committee for Cryptoinvestments (CMCI), which will be charged with developing and refining a method based on risk and profitability analysis that will allow for the investment of resources in crypto assets while taking into account the rules and limitations of government in the use of public money.
Binance jumps into the game
The world’s biggest crypto exchange, Binance instantly showed its interest in the matter when CEO Changpeng Zhao tweeted that the company is intending to open a new office in the region.Notably, on March 17, Zhao tweeted about his meeting with Paes with a caption
“Let me give you my key – mayor of Rio…”
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