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Rio de Janeiro To Allow Paying Taxes With Crypto Starting From 2023
Rio de Janeiro will be the first Brazilian city to allow its residents to pay taxes with crypto.
Harshvardhan
8:08 26th Mar, 2022
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Rio de Janeiro, the second-largest Brazilian city, will make it possible to pay property taxes with cryptocurrencies starting from 2023, according to a report published by Bloomberg Línea.

According to a note that comes from Rio de Janeiro's City Hall, the city will hire several companies that will be responsible for converting cryptocurrencies into the Brazilian real.

The city also plans to develop its own collection of non-fungible tokens that will feature images of Rio de Janeiro’s most famous tourist spots. The goal is to stimulate tourism and incentivize local artists with the help of NFTs, according to Pedro Paulo, the city’s secretary of finance and planning.        

Rio de Janeiro’s cryptocurrency ambitions do not come as a surprise. Rio de Janeiro Mayor Eduardo Paes announced his plan to put 1% of the city’s treasury into crypto during a conversation with Miami Mayor Francis Suarez.

Paulo also claimed that Rio de Janeiro had plans to offer an additional discount to those residents who pay their taxes with cryptocurrencies.

Last month, the economic affairs committee of Brazil’s Senate unanimously greenlit a bill regulating the local cryptocurrency market. The text of the legislation defines virtual assets and the responsibilities of service providers while specifying criminal liability and fines for breaking specific rules.

In the meantime, the central bank of Brazil is actively working on developing its own central bank digital currency. Earlier this month, the central bank chose projects from such firms as Visa and Santander to assess the viability of developing a CBDC. The Brazilian real is expected to enter the testing phase in the second half of the year.

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