Rio de Janeiro will officially begin accepting Bitcoin (BTC) payments for real estate-related taxes in 2023. Property taxpayers in Rio will be able to pay their taxes with BTC.
The Minister of Economic Development and Innovation, Chicão Bulhões, announced that the law on cryptocurrencies and real estate will be implemented from 2023. The minister shared a post on Twitter saying welcome to Changpeng Zhao, CEO of Binance.
Work from anywhere = Rio! Welcome @binance… Rio on blockchain! @eduardopaes https://t.co/NJEArEvEXV
We can say that the biggest supporter of Brazilian Mayor Eduardo Paes on this issue is Binance CEO Changpeng Zhao. Announcing that he will open a new office in the region, Zhao said:
Rio has done its part. We continue to work on our own business.
Zhao announced that property taxes in Rio can be paid with cryptocurrencies by sharing a photo on Twitter.
9 days ago, I made a handshake deal with mayor @eduardopaes. Rio De Janeiro will accept crypto for tax payments, and @Binance will open an office in Rio. He's done his part. We are working on ours. https://t.co/HPJONtBfQ8
With this innovation, Rio de Janeiro will become the first Brazilian city to accept BTC payments.
The municipality, which wants to make real estate tax payments with cryptocurrencies, will work with companies that specialize in converting cryptocurrencies into fiat currencies. In this way, the municipality will try to avoid any loss from transactions.
Brazilian secretary Pedro Paulo stated that the aim of the city with the adoption of cryptocurrencies is to develop the market of cryptocurrencies and continued his words as follows:
We will promote the circulation of cryptocurrencies by integrating them into tax payments, as in the case of IPTU. Such services may increase in the future.
The city also plans to incorporate governance policies based on non-exchangeable tokens (NFTs) in various markets, including arts, culture and tourism.
On January 29 of this year, Meta, the world's largest social media platform, filed a trademark application in Brazil to design, develop and supply hardware and software for various BTC and crypto-related services.
Brazilian Central Bank Accelerates CBDC Studies!
The Central Bank of Brazil has announced that it has selected nine projects to advance its quest to develop a central bank digital currency (CBDC).
In the statement, it was stated that the projects will progress through an innovation laboratory jointly managed by the bank. The laboratory known as LIFT in Portuguese; Banks will work on projects selected by companies, including the DeFi protocol and cryptocurrency exchange.