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In 2023, Paying Taxes in Rio de Janeiro Can Use Bitcoin!

One of the largest cities in Brazil, namely Rio de Janeiro is ready to accept payments via bitcoin to pay urban real estate taxes or it can also be called Imposto sobre a propriedade predial e territorial urbana (IPTU).

Yep, Bitcoin is one of the most popular cryptocurrencies. In fact, many have invested in this digital currency created in 2009 by Satoshi Nakamoto, because it is considered very profitable.

Now, Bitcoin (BTC) wants to be adapted by the Brazilian government to be used as one of the legal tax payment methods. This news has also been confirmed by the parties concerned.

Starting in 2023, City of Rio de Janeiro Accepts Tax Payments Using Bitcoin!

Launching from Cointelegraphthe main reason why the city will only be able to accept tax payments in 2023 is because a new pro-crypto law will be passed in 2023, as Rio De Janeiro’s Secretary for Economic Development, Innovation and Simplification, Chicão Bulhões, said.

Also Read: Rows of Countries That Prohibit the Use of Crypto

To support this innovation, the Brazilian government has teamed up with Binance. In fact, Changpeng Zhao as the CEO of Binance confirmed that his party would open an office in the city of Rio de Janeiro.

“He has done his part. We’re working on ours.” said Changpeng Zhao.

On the other hand, the Rio de Janeiro city government will invite several companies to work together to convert crypto assets into reais. Later, all tax payments made via Bitcoin will go to the city hall treasury.

Rio de Janeiro Bitcoin
Photo: CryptoSaurus

“To enable operations, the city government will hire a company that specializes in converting crypto assets into reais. In this way, City Hall will receive 100% of the amount in currency.” said the city government of Rio de Janeiro.

In this way, it is very likely that Rio de Janeiro will be the first city to allow Bitcoin currency as a legal tax payment instrument.

Also Read: New Breakthrough, Nemus Creates NFT To Preserve the Amazon Forest

Previously, Florida Governor Ron DeSantis has also expressed his desire to accept tax payments via Bitcoin. However, he said that his party was still in the development stage regarding the new innovation.

“We’re at work and I’ve told state agencies looking for a way in which if a business wants to pay taxes in cryptocurrency to Florida, we have to be willing to accept it,” said DeSantis.