Bitcoin can be used to pay taxes in Rio de Janeiro
From 2023residents of Rio de Janeiro will be able to use the Bitcoin (BTC) to pay their taxes. This concerns more specifically what the city calls the Urban and Territorial Land Tax (IPTU in Portuguese), which can be paid in cryptocurrency.
The announcement was made on Friday at a local crypto-asset-themed event : Carioca Cryptoactivity. With this announcement, Rio officially becomes the first Brazilian city to accept BTC.
From next year, the Town Hall will therefore deploy a technical solution, in order to allow automatic conversion of assets into the local currency for citizens who choose this method. The mayor, Edouardo Paes, made remarks very encouraging about our ecosystem:
“Our effort here is to make it clear that in the city of Rio we have official initiatives that recognize this market. Now those who invest in cryptocurrency and live [ici] will be able to spend this asset […] by paying the official tax of the city of Rio. And we’re going to move quickly. »
? To go further – Find our guide on the different platforms to buy bitcoin
A vision beyond taxes
The municipality’s desire to give cryptocurrencies a central place does not stop not just taxation. Changpeng Zhao (CZ), the CEO of Binance, was indeed visiting Rio on March 17. He announced the opening of an office in the city, commenting on Edouardo Paes’ measure:
“He did his part [du travail]. We are working on ours. »
9 days ago, I made a handshake deal with mayor @eduardopaes. Rio De Janeiro will accept crypto for tax payments, and @Binance will open an office in Rio. He’s done his part. We are working on ours. https://t.co/HPJONtBfQ8
— CZ ? Binance (@cz_binance) March 26, 2022
The municipal secretary, Pedro Paulo, for his part announced that the conversion service, which will be adopted by the city, is destined to develop. He mentions in particular the payment of taxis.
Without further details being given, the promotion of arts and culture through non-fungible tokens (NTF) is also mentioned. A public consultation is planned, in order to establish lines of work concerning this dimension.
If the European Union is a bad student, since last year we have seen more and more cities and states around the world adopt clear positions in favor of cryptocurrencies.
Rio de Janeiro is just the latest example. With the arrival of Binance in town, we can only see that this is typically the kind of political choice, which can attract major players of a growing ecosystem.
? Also in the news – El Salvador seeks Binance’s help to accelerate adoption of Bitcoin (BTC)
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About the Author : Vincent Mayor
I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
All articles by Vincent Maire.