Rio de Janeiro will accept bitcoin for property taxes starting in 2023

Brazilian city of Rio de Janeiro officially begins accepting Bitcoin (Bitcoin) Payments for taxes related to urban properties within their city limits, also known as Imposto sobre a propriedade predial e territorial urbana (IPTU).

As Cointelegraph Brazil reported, the new pro-crypto tax laws will be implemented starting in 2023, that was announced by the Minister of Economic Development, Innovation and Simplification, Chicão Bulhões.

In support of this cause, led by Brazilian Mayor Eduardo Paes, Binance CEO Changpeng Zhao announced plans to open a new office in the region, stating, “He’s done his part. We are working on ours.”

The launch of this initiative will make Rio de Janeiro the first Brazilian city to establish BTC payments. According to the translated announcement:

“To enable operations, the community will hire companies that specialize in converting crypto assets into reais. In this way, the town hall receives 100% of the amount in the currency.”

Brazilian Secretary of State Pedro Paulo further acknowledged that the city’s goal – with the acceptance of cryptocurrencies – is to develop a solid market for this new asset class in the city, adding:

“We will stimulate the circulation of cryptocurrencies by integrating them with the payment of taxes, as in the case of IPTU, and this may be extended to services such as taxi racing in the future.”

The city also plans to include non-fungible token (NFT)-based governance policies for various markets, including arts, culture, and tourism.

Related: Meta goes to Brazil to protect bitcoin and crypto services

Earlier this year, on Jan. 29, Meta, the world’s largest social media platform, filed a trademark registration with Brazilian authorities to design, develop, and deploy hardware and software for various BTC and crypto-related services.

Trademark registration of Meta at the Brazilian INMI. Source: INPI

As Cointelegraph reported, Meta’s trademark application was granted on October 5, 2021 from Jamaica.