Supporting the adoption of BTC under the leadership of Rio de Janeiro Mayor Eduardo Paes, Binance CEO Changpeng Zhao announced the opening of a new office in the Brazilian city, stating that “the city has done its job, we will our work».
The Brazilian city of Rio de Janeiro will officially accept Bitcoin (BTC) payments for taxes related to municipal taxes on property within its city limits, i.e. Imposto sobre un property predial e Territorial Urbana (IPTU).
As reported by the media in Brazil, from 2023 new tax rates will be implemented on cryptocurrencies, as announced by the Secretary of Economic Development, Innovation and Simplification, Chicão Bulhões.
Supporting the adoption of BTC under the leadership of Rio de Janeiro Mayor Eduardo Paes, Binance CEO Changpeng Zhao announced the opening of a new office in the Brazilian city, stating that “the city has done its job, we will our work».
The launch of this initiative swept Rio de Janeiro into the first Brazilian city to incorporate BTC payments.
The advertised ad reads:
“To enable the BTC payment operation, the municipality will hire companies that specialize in converting crypto assets into traditional currencies. In this way, the City Council will receive 100% of the amount in national currency.
Brazilian Secretary Pedro Paulo further admitted that the city’s goal, along with the acceptance of cryptocurrencies, is to develop a robust market for this new asset class in the city, adding:
“We will stimulate the circulation of cryptocurrencies by including them in the payment of taxes, as is the case with the IPTU, and in the future this could be extended to services such as the payment of any tax.”
The city also plans to implement a non-exchangeable token (NFT) management policy in a variety of markets, including art, culture and tourism.
A very good and expected move from Rio de Janeiro. There is no escaping this direction and showing disregard for crypto payments is a disaster for anyone with real influence on decision-making in this area.
We are already seeing countries that accept BTC as a means of payment, major cities around the world with a significant population of residents, and finally, experimental CBDC introduction programs are starting.
