Rio de Janeiro will accept Bitcoin for property tax settlement in 2023
It’s a well known fact that digital currencies are progressively replacing the typical monetary resources. So Rio de Janeiro became the first Brazilian city that allowed citizens to pay property taxes in 2023 using Bitcoin (BTC). This was announced during one of the local events.
The prospect of paying taxes with Bitcoins
From the beginning of 2023, residents of Rio de Janeiro will be able to pay taxes using the cryptocurrency Bitcoin (BTC). In particular, it is about the territorial land tax (IPTU). The introduction of this feature was announced at the local event Carioca Cryptoactivity. This event is dedicated to the topic of digital assets. Rio de Janeiro thus became the first Brazilian city to use Bitcoin at the state level.
That is why from the beginning of next year the local authorities will start preparing a technical solution for transactions using cryptocurrency and their automatic conversion into local currency. Mayor Eduardo Paes commented on the prospect of using Bitcoin: “We are trying to make it clear that in Rio we have official initiatives that recognize this market. From now on, those who invest in cryptocurrency and live [here] will be able to spend this asset […] by paying the official tax of the city of Rio. And we will move fast. »
Discovering new opportunities
It is also worth noting that the introduction of digital assets is expected not only in the field of taxes. Thus, Binance CEO Changpen Zhao (CZ) after his visit to Rio on March 17, 2022, announced the establishment of the company’s office in the city and commented on the actions of the mayor of the Brazilian capital: “He has done his part [work]. We are working on our own.”
Also, the Secretary of the Municipality Pedro Paulo emphasized the development of other resources that need to be developed by the conversion service. In particular, we are talking about the possibility of paying for taxi services in cryptocurrencies.
The same applies to the development of art and culture. In this case, it is possible to use non-fungible tokens (NFT). However, this area requires additional public opinion polls to determine the direction of development of this industry.
Thus, we can see the gradual transition of more and more countries around the world to the use of digital assets, and Rio de Janeiro is just one of the recent cases. Therefore, the arrival of Binance is not only the opening of new opportunities for users, but also a political move to attract major players for the development of the world economy.
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Marta Krysan, Team bit4you.