Thursday, December 8, 2022

Another Brazil City Suggests Tax Payments With Crypto

Brazil’s eighth-largest city Curitiba is also jumping on the trend of using crypto to offset local tax payments. The Federative Republic of Brazil has remained pro-crypto for some time which has led the nation to introduce legislative changes. Mulling the idea of the legalization of Bitcoin (BTC) payment was one move to emphasize its stance in the crypto industry.

Now, cities in Brazil are in a chase to activate the ability for citizens to complete tax payments with crypto. Curitiba is currently focused on making this BTC  and other token payment offers available to its residents from next year. This proposal was brought forward by the councilor Noemia Rocha who is a member of the Brazilian Democratic Movement.

“Cryptocurrencies have become financial assets of immense popularity in the world economy and are already alternative forms to the ‘nationalization of currency,’ as can be seen in the numerous operations carried out through the virtual environment,” Rocha stated

“Curitiba, as we know, is a pioneer in technological innovation actions and mechanisms, including a specific center for the study and development of advanced technology, such as the ‘Vale do Pinhão’,” she continued

Curitiba Prepares For 2023 Crypto Payments Rollout

Interestingly, the proposal was unanimously approved by the City Council at a meeting this week. Therefore, the crypto tax payment service for the capital of Paraná will likely kick off in 2023. Although legal experts opined that a few challenges may arise in terms of the administration and implementation of the proposal. 

To further enumerate, state-level organizations are only allowed to accept payment or hold funds in Brazillian fiat currency Real (BRL). Then again, the current legislation has been progressive as regards digital assets and tokens. In response, the council voiced belief in overcoming all hurdles that might present themselves in anticipation of a 2023 rollout.

Eventually, they are drawing up a roadmap that will permit all payments in the region with crypto. Rocha mentioned that her proposal was inspired by the milestone which Rio de Janeiro achieved recently.

After several months of working to allow residents to make payments for urban property tax with BTC, Rio finally is permitted and will start accepting IPTU in crypto.

 

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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