Rio de Janeiro to accept Bitcoin for real estate taxes from 2023

Brazilian city Rio de Janeiro will accept Bitcoin (BTC), payments for taxes related urban real estate within its city limits. Imposto sobre a propriedade predial e territorial urbana (IPTU).

According to Cointelegraph Brazil, new pro-crypto tax laws are set to be in effect from 2023, as reported by Chicao Bulhoes, Secretary of Economic Development, Innovation and Simplification.

Rio: Work anywhere! @binance… Rio on Blockchain! @eduardopaes
Chicao (@ChicaoBulhoes), March 26, 2022

Binance CEO Changpeng Zhao stated that he would open a new office to support the cause of Eduardo Paes (Brazilian Mayor). We are working on ours.

9 days ago, I signed a handshake agreement with @eduardopaes. Rio De Janeiro will accept cryptocurrency for tax payments. @Binance will also open a Rio office. He has done his part. We’re working on ours.
— CZ Binance (@cz_binance) March 26, 2022

Rio de Janeiro will be the first Brazilian city that accepts BTC payments after this initiative is implemented. The translation of the announcement is:

“The municipality will employ companies that specialize in the conversion of crypto assets into real money to enable this operation. The City Hall will be paid 100% of the currency amount.

Brazilian secretary Pedro Paulo also acknowledged that the goal of the city — with the acceptance cryptocurrency — is to create a solid market for this new asset class in the capital.

“We will encourage the circulation of cryptocurrency by integrating them in the payment of taxes as in the case IPTU. In the future, this could be expanded to include services such as taxi races.

Additionally, the city plans to use nonfungible tokens’ (NFT-based) governance policies in various markets, including arts and culture as well as tourism.

Related: Meta travels to Brazil to trademark Bitcoin, and crypto services

Meta, the largest social media platform in the world, registered a trademark with Brazilian authorities on Jan. 29 to design, develop, and provide hardware and software for various crypto-related services.

Meta’s trademark file with the Brazilian INMI. Source: INPI

Cointelegraph reported that Meta’s trademark order for filing was made from Jamaica on October 5, 2021.