Rio de Janeiro Accepts Bitcoin For Tax After Deal With Binance

While global ventures and the economy get to catch up with the looming trend of Cryptocurrency, the world is kept awake with one new stride or the other, breathing from different continents of the world. However, in the nearest future, it will most likely be said that wherever Cryptocurrency abounds, same will be referred to as home. Brazil has been making moves toward the general adoption of Cryptocurrency in recent times by dipping its feet into the metaverse.

Prior to the announcement of a part of it’s hub accepting Bitcoin as a form of tax payment for Real Estate, Meta, the world’s biggest social media platform had filed a trademark registration with the Brazilian authorities to design, develop and provide hardware, as well as software for various Bitcoin (BTC) and crypto-related services. Going further, Meta filed a trademark registration with the Brazilian National Institute of Industrial Property (INPI) for crypto products and services related to trading, wallets and exchange platforms as the application was published for registration.

Flip the Coin

Earlier in the wake of the year, The Mayor of the Brazilian city, Rio de Janeiro announced a proposal to invest the city’s reserved funds in Bitcoin and also proposed the idea to introduce better rules to make the city a hub of cryptocurrencies. At that time, the Mayor proposed to invest 1% of the city fund in Bitcoin under existing rules and systems. However, the present day reality differs widely from what was obtainable before this time in the sense that 2 months after the proposal made by Rio de Janeiro, the Brazilian city is moving toward a new level of crypto and Bitcoin adoption. According to the report, the official crypto tax law announcement was made on 25 March and it will go into effect from next year, which will give an option to the citizens to pay taxes in Bitcoin. 

This proposed bill was first announced by the Secretary of Economic Development, Innovation, and Simplification, Chicão Bulhões. Without fail, this will inevitably become a big win for Rio in the near future as it sets out to “recognize the crypto market” with bitcoin. Rio city hosts a population of over 6.8 million inhabitants and stands as Brazil’s second-largest city.

Smart Moves On The Chess Board

In the wake of this new feat, the tax was strategically aimed as it was captioned as IPTU, (Imposto sobre a propriedade predial e territorial urban) which is a type of Real Estate tax, targeting buildings and houses within the city limits of Rio de Janeiro. According to a notice from the City Hall of Rio de Janeiro, the city will contract multiple companies to handle the conversion of cryptocurrencies to Brazilian reals.

Rio To Release NFT Featuring City’s Tourist Spots

Additionally, Rio is about to release a one-of-a-kind collection of non-fungible tokens (NFTs). However, those NFTs will contain imagery of the city’s most popular tourist attractions. Pedro Paulo, the city’s Secretary of Finance and Development said it will benefit local artists while also encouraging tourists in the city. Rio’s latest initiatives are not the first. As previously reported, Paes stated his intention to invest 1% of the city’s funds in digital currency during a meeting with Miami Mayor Francis Suarez.