From 2023, the Rio de Janeiro tax office will accept real estate taxes in bitcoin with the support of the Binance exchange.
The head of the administration of Rio de Janeiro, Eduardo Paes, together with the head of Binance, Changpeng Zhao, launched a project that will allow paying city property tax with bitcoins. Head of Binance
informed on Twitter about the joint initiative and the location of the office in Rio De Janeiro.
“Nine days ago, I made an agreement with the mayor of Rio de Janeiro, Eduardo Paez, that the city will accept cryptocurrencies to pay taxes,” CZ said. He added that Binance will open an office in Rio. “He did his part. We are working on ours.”
Brazil’s Secretary of Economic Development and Innovation, Chicão Bulhões, said new crypto tax laws will come into effect from 2023. The announcement says that the implementation of the payment of taxes related to urban real estate within Rio de Janeiro – Imposto sobre a propriedade predial e Territory Urbana (IPTU), will make Rio the first Brazilian city where payments in bitcoins will become mainstream.
“To carry out the operation, the municipality will hire companies specializing in the conversion of crypto assets into reals. Thus, the mayor’s office will receive 100% of the amount in national currency,” the statement said.
Brazilian Finance Minister Pedro Paulo noted that the goal of Rio De Janeiro after the adoption of cryptocurrencies is to form a reliable market for digital assets.
“We will stimulate the circulation of cryptocurrencies by integrating them into the payment of taxes. In the future, this may be extended to city services, such as taxis,” he said.
Rio de Janeiro is planning to implement non-fungible token (NFT) governance policies in various markets including arts, culture and tourism.
Recall that in February the Brazilian Senate Committee on Economic Affairs
approved a bill defining the supervisory authorities that will be responsible for regulating the cryptocurrency industry in the country.
Source: Bits
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