Haider Jamal

Mar 27, 2022

Rio Will Officially Be Accepting Bitcoin (BTC) Payments For Taxes On Real Estate

Rio de Janeiro, Brazil, will officially begin accepting Bitcoin (BTC) payments for taxes on urban real estate inside their municipal borders, also known as Imposto sobre a propriedade predial e territorial urbana (IPTU).

The new pro-cryptocurrency tax regulations will go into effect in 2023, according to the Secretary of Economic Development, Innovation, and Simplification, Chico Bulhes.

To that end, Binance CEO Changpeng Zhao announced the opening of a new office in the region to support this cause led by Brazilian Mayor Eduardo Paes. With the implementation of this proposal, Rio de Janeiro will become the first Brazilian city to accept BTC payments.

Finally, there are also plans of implementing NFT-oriented governance regulations in a variety of areas, including tourism, culture and art.

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