Rio De Janeiro is first Brazilian city to accept property tax in crypto, starting in 2023

Rio De Janeiro, Brazil’s most populous city, is taking big steps toward becoming a global center for crypto. In 2023, it will become the first city in the country to accept property tax payments in crypto. Companies will be hired to convert cryptocurrency into the Brazilian real, the official currency of Brazil.

A note from Rio de Janeiro’s City Hall says this will happen. Non-fungible tokens (NFTs) will also be made by the city of Rio de Janeiro. They will show images of some of the city’s most popular tourist attractions.

When Eduardo Paes, the mayor of Rio de Janeiro, came up with the idea to let people pay their property taxes in crypto, or “IPTU,” he made it back in January. When Criptoatividade Carioca, a meeting organized by two of the city’s departments, was held last week. Mayor Paes has now said that the proposal was approved.

Pedro Paulo and Chico Bulhes, two secretaries, also gave a report on the Crypto Rio study at the event. This report was also given out. The study was done by a working group that was set up at the start of the year to look at Rio’s plan to invest 1% of the city’s treasury in crypto and to make the city’s own cryptocurrency.

Also Read: Spotify has joined the long list of apps by suspending its services in Russia amidst war

Further, Rio’s Finance Secretary, Pedro Paulo, said that using cryptocurrencies to pay taxes is just the beginning. The city plans to use them for more services in the coming years.

See also  Instagram and Facebook is banned in Russia under "Extremism Law"

In February, the economic affairs committee of Brazil’s Senate approved a bill that would have made the country’s cryptocurrency market safer. Virtual assets and the responsibilities of service providers are defined in the text of the law. It also lays out criminal penalties and fines for breaking certain rules.

In the meantime, the central bank of Brazil is working hard to make its own Central Bank Digital Coin (CBDC). Before this month, the central bank chose projects from companies like Visa and Santander to see if it would be worth it to build a CBDC. If everything goes well, people will be able to start using the digital Brazilian real in the second half of 2016.

For more updates, stay connected with us!!