Rio de Janeiro will begin accepting cryptocurrency tax payments next year

Rio de Janeiro, Brazil's second-largest city, would begin accepting cryptocurrency payments for property taxes in 2023.

Rio de Janeiro to allow crypto tax soon.
Rio de Janeiro

According to a notice from Rio de Janeiro City Hall, the city will hire numerous companies to conduct cryptocurrency conversions into Brazilian reals.

Changpeng Zhao, Binance's CEO, announced the creation of a new office in the region, saying, "He has done his lot." "We're working on ours."

The following is taken from the translated document,

“To facilitate the operation, the municipality will contract with firms that specialize in converting cryptocurrency to reais. This manner, City Hall will receive the whole amount in money.”

Rio will release an NFT featuring the city's tourist attractions

Rio is also preparing to launch a one-of-a-kind collection of non-fungible tokens (NFTs). Those NFTs, on the other hand, will feature images of the city's most popular tourist destinations.

This will aid local artists while also encouraging tourists to visit the city, according to Pedro Paulo, the city's secretary of finance and development.

Rio's recent initiatives aren't the first of their kind. During a meeting with Miami Mayor Francis Suarez, Paes stated his plan to invest 1% of the city's funds in digital currency, as previously reported.

Tax Breaks for Crypto Payments

Pedro Paulo, the secretary of finance and development for Rio de Janeiro, stated that the city aims to give individuals who pay their taxes in Bitcoin an additional discount.

It's not surprising that the city has crypto ambitions. The Senate's economic affairs committee unanimously enacted legislation regulating the country's cryptocurrency business just last month.

The bill's sections define the duties of virtual assets and service providers. It also outlined the forms of behavior that could lead to criminal liability, as well as the penalty for breaking the rules.

On January 29, Meta, the world's largest social media platform, filed a trademark application with Brazilian regulators for the purpose of creating, developing, and delivering hardware and software for a variety of Bitcoin and crypto-related services.