The Brazilian city will start accepting Bitcoin

 

The Brazilian megacity of Rio de Janeiro will officially start accepting Bitcoin (BTC) payments for levies related to civic real estate within their megacity limits,a.k.a. Imposto sobre a propriedade predial e territorial urbana (IPTU).

As reported by Cointelegraph Brazil, the newpro-crypto duty laws will be enforced from 2023, which was blazoned by the Secretary of Economic Development, Innovation and Simplification, Chicão Bulhões.

Supporting this cause led by the Brazilian Mayor Eduardo Paes, Binance CEO Changpeng Zhao blazoned to open a new office in the region stating that “ He is done his part. We're working on ours.

The rollout of this action will place Rio de Janeiro as the first Brazilian megacity to mainstream BTC payments. According to the restated advertisement

“ To enable the operation, the megacity will hire companies specialized in converting crypto means into reais. In this way, the City Hall will admit 100 of the quantum in the currency.

Brazilian clerk Pedro Paulo further conceded that the megacity’s thing with the acceptance of cryptocurrencies — is to develop a solid request of this new asset class in the megacity, adding

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“ We'll stimulate the rotation of cryptocurrencies by integrating them into the payment of levies, as in the case of IPTU and, in the future, this can be expanded to services similar as hack races, for illustration.

The megacity also plans to involve nonfungible commemoratives (NFT)- grounded governance programs across colorful requests including trades, culture and tourism.

Affiliated Meta goes to Brazil to trademark Bitcoin and crypto services

Before this time onJan. 29, Meta, the world’s biggest social media platform, filed a trademark enrollment with the Brazilian authorities to design, develop and provision tackle and software for colorful BTC and crypto- related services.