Rio de Janeiro embraced bitcoin for property taxes. Now the taxpayers will be able to pay in bitcoin from 2023.
As per a report, on Friday, Rio De Jenario embraced Bitcoin. The Secretary of Economic Development, Innovation, and Simplification, Chicão Bulhões, confirmed that the city will start legally accepting the biggest cryptocurrency, bitcoin, in the form of payments for the taxes from 2023.
That related to urban property within Rio De Janeiro, also known as Imposto Sobre, a Propriedade predial e territorial Urbana (IPTU).
And this Announcement arrived in between the Carioca Criptoactivity event. Which has been arranged by the secretariats of Finance and Planning and Economic Development, Innovation and Simplification, at Firjan,
this initiative has made Rio city the first city in brazil that provides the payment of tribute through cryptocurrency.
Moreover, the Brazilian secretary Pedro Paulo, along with embracing cryptocurrencies, aims to establish a solid market for this new asset class in Rio city of brazil.
“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.”
To support the initiative managed by mayor Eduardo Paes, the CEO of Binance Chengpeng Zhao “CZ” declared to start a new office in brazil. He tweeted that.
“He‘s done his part. We are working on ours.”
Conclusion:
Rio de Janeiro embraced bitcoin for property taxes, allowing its citizens to avail of this facility from 2023. By this new initiative, Rio is developing a new asset class.
Also, this will give a new facility to the residents that they can use cryptocurrency for paying their taxes. And a push for bringing digital currency into the mainstream in Rio city.
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