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Rio de Janeiro will begin accepting Bitcoin (BTC) payments for taxes on residential and commercial property within the municipal borders, also known as Imposto sobre a propriedade predial e territorial urbana (IPTU).
According to Cointelegraph Brazil, the new pro-crypto tax rules will take effect in 2023, as indicated by Chico Bulhes, Secretary of Economic Development, Innovation, and Simplification.
Binance CEO launched a new office in the Brazilian city in support of Mayor Eduardo Paes's cause, noting, "He's done his part. We're working on ours right now."
Rio de Janeiro will be the first Brazilian city to accept Bitcoin payments once the project is fully implemented. According to the announcement, which has been translated.
“To enable the operation, the municipality will hire companies specialized in converting crypto assets into reais. In this way, the City Hall will receive 100% of the amount in the currency.”
The city’s goal, with the admission of cryptocurrencies, is to build a stable market for this new asset class in the city, according to Brazilian secretary Pedro Paulo.
“We will stimulate the circulation of cryptocurrencies by integrating them into the payment of taxes, as in the case of IPTU and, in the future, this can be expanded to services such as taxi races, for example.”
The city also intends to implement governance laws based on nonfungible tokens (NFTs) across a variety of areas, including arts, culture, and tourism.
