Rio de Janeiro to simply accept Bitcoin for actual property taxes from 2023

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The Brazilian metropolis of Rio de Janeiro will formally begin accepting Bitcoin (BTC) funds for taxes associated to city actual property inside their metropolis limits, a.okay.a. Imposto sobre a propriedade predial e territorial urbana (IPTU).

As reported by Cointelegraph Brazil, the brand new pro-crypto tax legal guidelines can be applied from 2023, which was introduced by the Secretary of Financial Improvement, Innovation and Simplification, Chicão Bulhões.

Supporting this trigger led by the Brazilian Mayor Eduardo Paes, Binance CEO Changpeng Zhao introduced to open a brand new workplace within the area stating that “He is executed his half. We’re engaged on ours.”

The rollout of this initiative will place Rio de Janeiro as the primary Brazilian metropolis to mainstream BTC funds. In keeping with the translated announcement:

“To allow the operation, the municipality will rent firms specialised in changing crypto property into reais. On this means, the Metropolis Corridor will obtain 100% of the quantity within the forex.”

Brazilian secretary Pedro Paulo additional acknowledged that town’s objective — with the acceptance of cryptocurrencies — is to develop a stable market of this new asset class within the metropolis, including:

“We are going to stimulate the circulation of cryptocurrencies by integrating them into the fee of taxes, as within the case of IPTU and, sooner or later, this may be expanded to companies similar to taxi races, for instance.”

Town additionally plans to contain nonfungible tokens (NFT)-based governance insurance policies throughout varied markets together with arts, tradition and tourism.

Associated: Meta goes to Brazil to trademark Bitcoin and crypto companies

Earlier this 12 months on Jan. 29, Meta, the world’s largest social media platform, filed a trademark registration with the Brazilian authorities to design, develop and provision {hardware} and software program for varied BTC and crypto-related companies.

Meta’s trademark submitting with the Brazilian INMI. Supply: INPI

As Cointelegraph reported, Meta’s trademark submitting order was positioned on Oct. 5, 2021, from Jamaica.