Rio de Janeiro to accept Bitcoin for real estate taxes from 2023

The Brazilian town of Rio de Janeiro will officially start accepting Bitcoin (BTC) payments for taxes related to urban true estate within their city boundaries, a.k.a. Imposto sobre a propriedade predial e territorial urbana (IPTU).

As reported by Cointelegraph Brazil, the new pro-crypto tax guidelines will be applied from 2023, which was declared by the Secretary of Economic Improvement, Innovation and Simplification, Chicão Bulhões.

Perform from anywhere = Rio! Welcome @binance… Rio on blockchain! @eduardopaes https://t.co/NJEArEvEXV

— Chicão (@ChicaoBulhoes) March 26, 2022

Supporting this trigger led by the Brazilian Mayor Eduardo Paes, Binance CEO Changpeng Zhao introduced to open a new business office in the location stating that “He’s done his aspect. We are performing on ours.”

9 days back, I built a handshake deal with mayor @eduardopaes. Rio De Janeiro will take crypto for tax payments, and @Binance will open an business office in Rio. He is performed his component. We are working on ours. https://t.co/HPJONtBfQ8

— CZ Binance (@cz_binance) March 26, 2022

The rollout of this initiative will put Rio de Janeiro as the to start with Brazilian town to mainstream BTC payments. In accordance to the translated announcement:

“To help the procedure, the municipality will employ the service of organizations specialised in converting crypto assets into reais. In this way, the Town Hall will obtain 100{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} of the quantity in the currency.”

Brazilian secretary Pedro Paulo even further acknowledged that the city’s intention — with the acceptance of cryptocurrencies — is to establish a stable marketplace of this new asset class in the town, including:

“We will promote the circulation of cryptocurrencies by integrating them into the payment of taxes, as in the scenario of IPTU and, in the upcoming, this can be expanded to providers these as taxi races, for example.”

The town also programs to require nonfungible tokens (NFT)-based mostly governance procedures throughout various marketplaces which includes arts, culture and tourism.

Relevant: Meta goes to Brazil to trademark Bitcoin and crypto providers

Earlier this 12 months on Jan. 29, Meta, the world’s most important social media system, submitted a trademark registration with the Brazilian authorities to design, produce and provision components and program for various BTC and crypto-related companies.