Pay your property tax in bitcoins? Brazil at the forefront
Bitcoin (BTC) on the Brazilian ground – The city of Rio de Janeiro did not wait for the adoption of the bill that could legalize crypto payments in Brazil, to begin the process that would allow cryptocurrency holders to use their assets for the payment of taxes land.
Cryptocurrencies and taxation in Rio de Janeiro
At the Cidade Maravilhosa, Bitcoin is about to conquer public finances. According to a decree published on October 11, the city of Rio de Janeiro is looking for companies that specialize in converting cryptos into fiat currency.
This collaboration aims to allow residents to use their cryptocurrencies to pay property taxor more precisely to pay the urban tax on buildings and land.
The mayor, Eduardo Paes, points out that Rio is the first city to offer this type of means of payment to taxpayers, in Brazil. The politician, who is known for his pro-cryptocurrency stances, clarified that as a “global city,” the city follows technological and economic developments in digital assets.
In January of this year, the mayor hinted at the possibility of offering incentives or bonusesto people who pay this property tax in Bitcoin.
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Brazil: an attractive setting for crypto businesses
This type of initiative, which encourages the adoption of cryptocurrencies in the country, cannot to increase the attractiveness of Brazil for companies like Binance, which is also strengthening its presence there.
To be able to collaborate with the city of Rio de Janeiro, crypto companies will have to respect the protocols of the central bank, and comply with the same procedures that traditional financial institutions follow, in the treatment of taxes.
The town hall assures that this partnership will allow “the municipality to receive 100% of the value” of the cryptocurrencies, without having to assume any “additional cost”.
Authorities in different countries continue to have an ambiguous relationship with cryptocurrencies. On the one hand, they fear that Bitcoin and its cadets threaten the adoption of their fiat currency. On the other hand, cryptocurrencies integrate public finances thanks to initiatives such as that of the city of Rio de Janeiro in Brazil or that of Colorado, which allows taxpayers of the American State to pay their taxes in cryptocurrencies.
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