Rio de Janeiro will accept Bitcoin for property taxes from 2023

The Brazilian city of Rio de Janeiro will officially begin accepting Bitcoin (BTC) payments for taxes related to urban real estate within their city limits, aka Imposto sobre a propriedade predial e territorial urbana (IPTU).

As reported by Cointelegraph Brazil, the new pro-crypto tax laws will be implemented from 2023, which was announced by the Secretary of Economic Development, Innovation and Simplification, Chicão Bulhões.

Supporting this cause led by Brazilian Mayor Eduardo Paes, Binance CEO Changpeng Zhao announced the opening of a new office in the region saying, “He did his part. We are working on ours.

Rolling out this initiative will make Rio de Janeiro the first Brazilian city to integrate BTC payments. According to the translated ad:

“To enable the operation, the municipality will hire companies specialized in the conversion of crypto assets into reais. In this way, the town hall will receive 100% of the amount in currency.

Brazilian Secretary Pedro Paulo further acknowledged that the city’s goal – with the acceptance of cryptocurrencies – is to develop a robust market for this new asset 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 the IPTU and, in the future, this can be extended to services like taxi rides, for example. “

The city also plans to involve governance policies based on non-fungible tokens (NFTs) in various markets, including arts, culture, and tourism.

Related: Meta heads to Brazil to trademark Bitcoin and crypto services

Earlier this year, on January 29, Meta, the world’s largest social media platform, filed a trademark registration with Brazilian authorities to design, develop and supply hardware and software for various BTC and money-related services. cryptography.

Registration of the Meta brand with the Brazilian INMI. Source: INPI

As Cointelegraph reported, Meta’s trademark order was placed on October 5, 2021 from Jamaica.

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