During a local event, the city of Rio de Janeiro announced that its people would be able to pay their taxes in Bitcoin (BTC) beginning in 2023. As a result, it is the first Brazilian city to provide such service.

In Rio de Janeiro, Bitcoin will be used to pay taxes.

Residents of Rio de Janeiro will be able to pay their taxes in Bitcoin (BTC) beginning in 2023. This is in reference to the city’s Urban and Territorial Land Tax (IPTU in Portuguese), which may be paid in bitcoin.

The statement was made on Friday during Carioca Cryptoactivity, a local crypto-asset-themed event. Rio officially became the first Brazilian city to adopt Bitcoin with this declaration.

As of next year, the Town Hall will install a technology solution to allow people who select this approach to automatically convert their assets into local money. The mayor, Edouardo Paes, spoke very positively about our ecosystem:

“Our effort here is to make it clear that in the city of 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’re going to move quickly. »

A vision that goes beyond taxation

The municipality’s goal to give cryptocurrency a central place does not end with taxation. On March 17, Binance CEO Changpeng Zhao (CZ) was in Rio de Janeiro. He announced the creation of a city office in response to Edouardo Paes’ measure:

“ He did his part [of the work]. We are working on ours. »

For his part, the municipal secretary, Pedro Paulo, stated that the conversion service, which will be accepted by the city, is expected to grow. He specifically cites taxi payments.

The development of arts and culture using non-fungible tokens (NTF) is also referenced without additional explanation. A public consultation is also planned to develop work lines for this dimension.

If the European Union is a terrible student, we have witnessed an increasing number of towns and governments throughout the world adopt unambiguous views in support of cryptocurrencies since last year.