Brazil will receive property taxes in BTC

Binance CEO Changpeng Zhao announced that he will open a new office in the region and that work on this issue continues without slowing down.

The Brazilian city of Rio de Janeiro will begin accepting payment of real estate taxes in Bitcoin (BTC).

The new pro-crypto tax laws announced by Rio de Janeiro Development Secretary Chicão Bulhões will come into effect from 2023.

Binance CEO Changpeng Zhao, who supported this initiative led by Rio de Janeiro Mayor Eduardo Paes, announced that he would open a new office in the region and said, “The Mayor has done his part, now it is our turn. We continue our work,” he said.

The implementation of this initiative will make Rio de Janeiro the first Brazilian city to popularize BTC payments. According to the announcement:

The municipality will hire companies that specialize in converting crypto assets into real assets to bring this initiative to life.

Brazilian secretary Pedro Paulo acknowledged that with the adoption of cryptocurrencies, another aim of the city is to firmly develop the market for this new asset class, adding:

Like real estate tax is paid in BTC, we will promote the circulation of cryptos by integrating them into the tax payments system, and we will diversify and expand this service in the future.

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