Rio de Janeiro opens up Bitcoin taxation, Binance sees potential market, establishes office

Rio de Janeiro, Brazil, will accept Bitcoin as payment for property-related taxes (IPTU), becoming the first city in Brazil to accept Bitcoin for tax payments. The new tax law is scheduled to be implemented starting in 2023, and the CEO of the world's largest cryptocurrency exchange Binance, Changpeng Zhao (CZ), has also announced the establishment of a new office in the region.

Zhao Changpeng stated in a tweet that Mayor of Rio de Janeiro is making great efforts to promote, and Binance is also studying related policies. However, Zhao Changpeng tested positive for COVID-19 during this trip to South American countries, including El Salvador.

9 days ago, I made a handshake deal with mayor @eduardopaes. Rio De Janeiro will accept crypto for tax payments, and @Binance will open an office in Rio. He's done his part. We are working on ours. https://t.co/HPJONtBfQ8

— CZ 🔶 Binance (@cz_binance) March 26, 2022

According to reports, the Rio de Janeiro city government announced that they will collaborate with cryptocurrency companies to convert crypto assets into the Brazilian Real, and the city hall will receive 100% of the currency amount.

The city hall secretary, Pedro Paulo, mentioned that accepting cryptocurrency for tax payments is to stimulate currency circulation and stabilize the currency market. In the future, this can be expanded to services such as taxi payments. Additionally, Rio de Janeiro also plans to introduce NFTs to promote art, culture, tourism, and other markets.

This article is authorized to be republished from Horizon News Network