The Brazilian city of Rio de Janeiro will officially start accepting Bitcoin (BTC) tax payments related to urban real estate within its city limits, also known as Imposto sobre a propriety predial and territorial urban (IPTU).
As reported by Cointelegraph Brazil, the new pro-crypto tax laws will be implemented from 2023, which was Announced by the Secretary of Economic Development, Innovation and Simplification, Chicรฃo Bulhรตes.
Work from anywhere = Rio! Welcome @binanceโฆ Blockchain river! @eduardopaes https://t.co/NJEArEvEXV
โ Chicao (@ChicaoBulhoes) March 26, 2022
Supporting this cause led by Brazilian Mayor Eduardo Paes, Binance CEO Changpeng Zhao announced the opening of a new office in the region and stated that โHe has done his part. We are working on ours."
9 days ago, I made a handshake deal with the mayor. @eduardopaes. Rio de Janeiro will accept cryptocurrencies for the payment of taxes, and @Binance will open an office in Rio. He has done his part. We are working on ours. https://t.co/HPJONtBfQ8
-CZ Binance (@cz_binance) March 26, 2022
The launch of this initiative will place Rio de Janeiro as the first Brazilian city to incorporate BTC payments. According to the translated ad:
โTo enable the operation, the municipality will hire companies specialized in converting crypto assets into real ones. In this way, the City Council will receive 100% of the amount in currencyโ.
Brazilian Secretary Pedro Paulo further acknowledged that the city's goal, 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 integrating them into the payment of taxes, as is the case with the IPTU and, in the future, this can be expanded to services such as taxi races, for example."
The city also plans to engage non-fungible token (NFT)-based governance policies in various markets, including arts, culture and tourism.
Related: Meta goes to Brazil to register Bitcoin and crypto services
Earlier this year, on January 29, Meta, the world's largest social media platform, filed a trademark registration with the Brazilian authorities to design, develop and supply hardware and software for various BTC and crypto-related services.
As Cointelegraph reported, the Meta trademark registration request was made on October 5, 2021 from Jamaica.
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