Rio de Janeiro will allow taxes to be paid using crypto from 2023
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Answer Rio de Janeiro will allow taxes to be paid using crypto from 2023
Rio de Janeiro, the second largest Brazilian city, has announced that it is possible to pay property taxes in cryptocurrency starting from 2023, according to a report published by “Bloomberg Linea“.
According to a note from the Rio de Janeiro City Council, the city will hire several companies that will be responsible for converting cryptocurrencies into the Brazilian real.
The city also plans to develop its own set of non-fungible tokens that will display images of Rio de Janeiro’s most famous tourist sites.
The goal is to stimulate tourism and stimulate local artists with the help of the NFT, according to Pedro Paolo, the city’s Minister of Finance and Planning.
Read:India’s Supreme Court Lifts Ban on Bitcoin Trading
And Rio de Janeiro’s ambitions for cryptocurrency came as no surprise.
Rio de Janeiro Mayor Eduardo Paes announced his plan to put 1% of the city’s treasury into cryptocurrency during a conversation with Miami Mayor Francis Suarez.
Paulo also told that Rio de Janeiro has plans to offer an additional discount to those residents who pay their taxes in cryptocurrency.
Last month, the Economic Affairs Committee of the Brazilian Senate unanimously passed and green-lighted a bill regulating the domestic cryptocurrency market.
The text of the legislation defines the default assets and responsibilities of service providers with the definition of criminal liability and fines.
It is also worth noting that the Central Bank of Brazil is actively developing its own central bank digital currency.
Earlier this month, the central bank selected projects from companies such as Visa and Santander to assess the feasibility of developing a CBDC digital currency.
The digital Brazilian real is expected to enter the testing phase in the second half of this year.
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