Brazil’s Rio de Janeiro Plans to Accept Tax Payments in Crypto for Real Estate

A new cryptocurrency wave has swept the sovereign states, capital cities, and tourist destinations. Countless administrative regions have decided to accept Bitcoin as a mode of tax payment recently. The latest place to join in on the trend is Caribbean heaven Rio de Janeiro.

The capital city of Brazil, which is known around the world for its paradise floats, lively culture, and annual Carnival Festival, is taking big steps with cryptocurrency integration. Recently, Mayor Eduardo Paes endorsed the proposal to start accepting Bitcoin as real estate tax payments.

Binance CEO has Decided to Open a New Branch in Rio de Janeiro

CZ, the CEO of Binance, has been making rounds around the Central and South American regions these days. He recently paid a visit to President Bukele, in El Salvador, the first nation in the world to make Bitcoin a legal tender. CZ also announced opening a new branch in Rio de Janeiro following a meeting with Mayor Paes. He also claimed that Mayor made the necessary arrangements.

According to Binance’s CEO, It is now up to the crypto exchange management to complete the task. The new law will allow citizens within IPTU city limits to pay their real estate taxes in the form of cryptocurrencies. However, on account of the preparations for taking the process to completion, the aforementioned taxonomy feature will go into effect from the next year, 2023.

Chicao Bulhoes, the secretary of Economic Development for innovation and Simplification, recently welcomed Binance’s arrival in the city. Pedro Paulo, secretary of Brazil, has made it clear that the city will be accepting 100% of the real estate taxes in the form of Bitcoin starting from next year. He also claimed that the government wishes to lay a solid foundation for the growth and development of the crypto sector in the region.

He claimed that by integrating cryptocurrencies into the mainframe of a government organization through tax payments, the sector would improve and prosper. There are also some plans for governance policies directed toward NFTs, keeping in view the deep roots of the city in tourism, art, and cultural expression. Meanwhile, Meta has already signed an exclusive contract with the government of Brazil to develop provision hardware and software for several Bitcoin-backed services planned for the future by the government.

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