Brazil’s second-largest city, Rio de Janeiro, is planning to accept Bitcoin payments for real estate taxes, namely the IPTU (tax on property and urban territory).
The Secretary of Economic Development, Innovation, and Simplification, Chico Bulhoes, announced that new crypto tax laws to this end will be established in 2023.
In cooperation with the city’s mayor, Eduardo Paes, Changpeng Zhao, the CEO of Binance, one of the largest cryptocurrency exchanges in the industry, took to Twitter to announce the opening of a new Binance office in the region.
The initiative aims to transform the city into “Crypto Rio,” as it will become the first city in the country to adopt Bitcoin for tax payments.
“Our effort here is to make sure that Rio has official initiatives that recognize the crypto market. Who invests in crypto and lives in Rio will be able to use crypto to pay taxes in the city of Rio. We will advance on this project quickly,”
According to Pedro Paulo, the secretary of finance and planning, Rio de Janeiro also plans to integrate NFT-based governance policies across various industries such as art and tourism.
“Going forward, we will use crypto-assets to stimulate the arts, culture, and tourism through the use of NFTs, and create a solid and responsible governing policy to evaluate the realization of crypto investments,”