The Brazilian city of Rio de Janeiro will officially start accepting Bitcoin (BTC) payments for taxes related to urban real estate within their city limits, a.k.a. Imposto sobre a propriedade predial e territorial urbana (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, Chicão Bulhões.
Work from anywhere = Rio! Welcome @binance… Rio on blockchain! @eduardopaes https://t.co/NJEArEvEXV
Supporting this cause led by the Brazilian Mayor Eduardo Paes, Binance CEO Changpeng Zhao announced to open a new office in the region stating that “He's done his part. We are working on ours.”
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
The rollout of this initiative will place Rio de Janeiro as the first Brazilian city to mainstream BTC payments. According to the translated announcement:
Brazilian secretary Pedro Paulo further acknowledged that the city’s goal — with the acceptance of cryptocurrencies — is to develop a solid market of this new asset class in the city, adding:
The city also plans to involve nonfungible tokens (NFT)-based governance policies across various markets including arts, culture and tourism.
Related: Meta goes to Brazil to trademark Bitcoin and crypto services
Earlier this year on Jan. 29, Meta, the world’s biggest social media platform, filed a trademark registration with the Brazilian authorities to design, develop and provision hardware and software for various BTC and crypto-related services.
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