Rio de Janeiro to accept Bitcoin for real estate taxes from 2023

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

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

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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’s finished 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 accordance to the translated announcement:

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

Brazilian secretary Pedro Paulo additional acknowledged that the town’s objective — with the acceptance of cryptocurrencies — is to develop a strong 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 providers equivalent to taxi races, for instance.”

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

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

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 numerous BTC and crypto-related providers.

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.


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