Rio de Janeiro to start accepting Bitcoin for real estate taxes from 2023

Rio de Janeiro to start accepting Bitcoin for real estate taxes from 2023

Supporting this cause drove by Mayor Eduardo Paes, Binance CEO declared another office in the Brazilian city, expressing that “He‘s done his part. We are working on ours.”

Rio de Janeiro will authoritatively begin tolerating Bitcoin (BTC) installments for charges connected with metropolitan land inside their city limits, also called Imposto sobre a propriedade predial e regional urbana (IPTU).

As detailed by Cointelegraph Brazil, the new supportive of crypto charge regulations will be executed from 2023, which was declared by the Secretary of Economic Development, Innovation and Simplification, Chicão Bulhões.

Supporting this cause drove by the Brazilian Mayor Eduardo Paes, Binance CEO Changpeng “CZ” Zhao reported to open another office in the locale, expressing that “He’s done his part. We are working on ours.”

The rollout of this drive will put Rio de Janeiro as the primary Brazilian city to make BTC installments standard. As per the deciphered 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 recognized that the city’s objective — with the acknowledgment of cryptographic forms of money — is to foster a strong market of this new resource 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 additionally plans to include nonfungible tokens (NFT)- based administration strategies across different business sectors including expressions, culture and the travel industry.

Recently on Jan. 29, Meta, the world’s greatest online entertainment stage, recorded a brand name enlistment with the Brazilian specialists to configuration, create and arrangement equipment and programming for different BTC and crypto-related administrations.

As revealed, Meta’s brand name documenting request was put on October 5, 2021, from Jamaica.

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