Residents of Rio de Janeiro will be able to pay taxes in crypto

According to the authorities, this will happen as early as 2023

28.03.2022 - 07:15

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What’s new? The administration of the city of Rio de Janeiro has published a press release announcing the launch of the option to pay property taxes using cryptocurrency. If the legislation is amended accordingly, this option will become available as early as 2023.

The full version of the press release

How will the payment take place? According to the published data, the city hall will not keep the cryptocurrency on its balance sheet. After payment, the digital assets will be converted into Brazilian real. A separate company will be used by the mayor’s office to do this. The representative of the Rio de Janeiro administration Pedro Paulo said that the integration of cryptocurrencies into the sphere of taxation will continue. In the future, a similar service may be introduced in other areas.

Other initiatives of the city authorities include the creation of a Municipal Committee for Crypto investments and holding public hearings on the topic of NFT development.

In January 2022, the authorities of Rio de Janeiro announced plans to transfer part of its reserves into bitcoin. At the same time, the mayor of the city Eduardo Paes announced the imminent launch of a property tax service using cryptocurrency.

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