Rio de Janeiro to Accept Cryptocurrency Payments for Taxes Next Year

Rio de Janeiro, 1 of the astir iconic cities of the South American continent, has announced it volition let its citizens to wage taxes with cryptocurrencies. This makes it the archetypal metropolis successful the state to bash so, recognizing determination is simply a roar successful the cryptocurrency market. These actions signifier portion of a program that sees the metropolis investing immoderate of its funds successful crypto assets successful the future.

Rio de Janeiro Will Expand Its Tax Payment Options

The metropolis of Rio de Janeiro revealed a program to present cryptocurrencies successful its outgo options for taxes. At a caller lawsuit wherever the politician of the city, Eduardo Paes, was present, officers of the municipality announced the program to commencement collecting cryptocurrencies for a municipal taxation called the IPTU starting adjacent year. This taxation has to bash with the properties of citizens and their value, and it is collected by the municipality.

The inaugural makes Rio de Janeiro the archetypal metropolis successful Brazil to alteration cryptocurrency payments for taxes. According to a press release, to implicit this goal, the metropolis volition person to trust connected third-party companies that volition process the payments and person them to fiat money. In this way, the metropolis volition lone person Brazilian reals portion enabling users to wage with crypto.

On this caller proposal, Mayor Eduardo Paes stated:

Our effort present is to marque it wide that successful the metropolis of Rio we person authoritative initiatives that admit this market. Now those who put successful cryptocurrency and unrecorded successful the metropolis of Rio volition beryllium capable to walk this plus present paying authoritative taxation successful the metropolis of Rio. And we’re going to determination guardant quickly.

Plans for the Future

However, the city’s program for cryptocurrency integration does not halt there. According to Pedro Paulo, caput of Finance and Planning for Rio, the metropolis has plans to see much services nether this caller outgo system. Paulo stated:

In the future, this whitethorn beryllium extended to services specified arsenic taxi rides, for example. Going further, we volition usage these crypto assets to stimulate the arts, culture, and tourism, done NFTs, and make a coagulated and liable governance argumentation to measure the realization of crypto investments.

For this past goal, the metropolis of Rio volition make a caller institution, the Municipal Committee for Crypto Investments, that volition survey the champion mode to enactment immoderate metropolis funds into cryptocurrencies, being compliant with each the laws of nationalist spending successful the country. The metropolis had announced this program successful January, stating that 1% of the city’s funds would beryllium enactment successful crypto astatine that time.

What bash you deliberation of Rio de Janeiro accepting cryptocurrencies arsenic outgo for municipal taxes? Tell america successful the comments conception below.

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