Wednesday, October 5, 2022

Rio de Janeiro Unveils Plan to Allow Payment of Real Estate Tax With BTC

Chicão Bulhões, Rio’s Secretary of Economic Development, Innovation and Simplification (SMDEIS) disclosed on Monday that the city of Rio de Janeiro is working on plans that would enable its residents to make payments with cryptocurrency, specifically Bitcoin (BTC) for their urban property tax.

This would encompass tax for urban buildings and land commonly known as “urban enterprise property tax” (IPTU) said Bulhões, based on a Google translation of his words. With this plan set to become operational come 2023, the City of Rio would become the very first in Brazil that would receive Bitcoin as a means of tax payment.

Rio’s Secretary of Finance and Planning, Pedro Paulo explained further that the IPTU is just the beginning of many others to come as there are plans to expand crypto acceptance for several other services within the city. However, as for Rio’s cultural and tourism sectors, the city has said that the introduction of non-fungible tokens (NFTs) would bring some ‘spice’ into the sector.

With all of these being land-breaking projects, the city of Rio is recognized to be excellence-driven, hence it plans to create an entirely new division to manage its crypto-related activities.

The quest for value and productivity in this regard is what has given birth to the Municipal Committee for Crypto Investments (MCCI)- a newly established department in the city whose job description is to find innovative ways through which the city can best invest in crypto.

Rio Welcomes Crypto Exchange Giant Binance

As crypto usage within the city of Rio is expected to go mainstream in a few months, Binance CEO Chapeng Zhao has been in talks with Eduardo Paes – Rio’s Mayor. Zhao has hinted that his company would be breaking ground in the city shortly with the opening of a regional office there.

According to Paes, “the city would need the services of a crypto exchange so that 100% value in fiat currency” can be received when taxes are eventually paid in the digital currency.

It is also reported that US-based crypto exchange Coinbase is currently making moves to have its presence in Brazil as it plans on acquiring Mercado Bitcoin-owned 2TM Group which was last valued at about $2.2 billion.

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

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