The Brazilian city of Rio de Janeiro will officially start accepting Bitcoin (BTC) payments to pay taxes related to urban property in their city, also known as Imposto sobre and is a former property of Urbana Land Title (IPTU).
According to Cointelegraph Brazil, new tax laws for cryptocurrency will come into force from 2023, as announced by the Minister of Economic Development, Innovation and Simplification, Chicaw Bolhuens.
To support the case, led by Brazilian Mayor Eduardo Paez, Binance’s CEO Changpeng Zhao announced the opening of a new office in the region, saying, “She has done her part. We are working on our project.”
The implementation of this initiative will make Rio de Janeiro the first Brazilian city where BTC payments will become mainstream. According to the translated ad:
To carry out the operation, the municipality will hire companies that specialize in converting cryptocurrencies to real. Thus, the mayor’s office will receive 100% of the amount in foreign currency. ”
Brazilian Minister Pedro Paulo also acknowledged that the city’s goal – through the use of cryptocurrencies – is to create a strong market for this new asset class in the city, adding:
“We want to stimulate trade in cryptocurrency by including it in the payment of taxes, as is the case with IPTU, and in the future this may expand to services such as taxi racing.”
The city also plans to implement non-fungible token governance (NFT) policies in various markets, including arts, culture and tourism.
Related: Meta goes to Brazil to market Bitcoin and crypto services
Earlier this year, on January 29, Meta, the world’s largest social media platform, submitted a trademark application to the Brazilian government to design, develop and deliver hardware and software for various BTC and cryptocurrency related services.
Registration of the Meta trademark at the Brazilian International Institute of Intellectual Property (INMI). Source: INPI
According to the Cointelegraph, the application for the Meta trademark was submitted on October 5, 2021 from Jamaica.