Assisting this factor led by Mayor Eduardo Paes, Binance CEO Changpeng Zhao declared to start a new office in the Brazilian town noting that he has served his part and now they are doing on theirs. The Brazilian town of Rio de Janeiro will officially begin adopting Bitcoin, BTC, payments for taxes associated with urban real estate within their town limits, or Imposto sobre a propriedade predial e territorial urbana or IPTU. According to the report of Cointelegraph Brazil, the recent pro-crypto tax legislation will be enforced from 2023. This was declared by the Innovation and Simplification, Chicão Bulhões, Secretary of Economic Development.
Assisting this factor led by Mayor Eduardo Paes, Binance CEO Changpeng Zhao declared to start a new office in the Brazilian town noting that he has served his part and now they are doing on theirs. The official launch of this endeavour will position Rio de Janeiro as the 1st Brazilian town to mainstream Bitcoin or BTC payments. As per the translated announcement, it is said that to facilitate the undertaking, the municipality will employ firms specialized in transforming crypto assets into reais. Brazilian secretary Pedro Paulo conceded that the town’s goal with the acknowledgement of virtual currencies is to formulate a solid market of this new asset class in the town.
They will facilitate the circulation of virtual currencies by incorporating them into the payment of tariffs, like in the case of IPTU. In near future, this can be broadened to assistance like taxi races. Example- The town also schedules to comprise nonfungible tokens (NFT) based administration strategies across several markets comprising culture, arts and tourism. Last year on 29th January, Meta which is the world’s largest social media forum, documented a brand enrollment with the Brazilian authorities to plan, formulate and provision hardware and software for several Bitcoin and crypto-related assistance.