The advance in the use and adoption of cryptocurrencies continues with Rio de Janeiro announcing that it will accept these digital assets for tax payments starting in 2023.
Rio de Janeiro will add the cryptocurrencies, to their options for paying municipal taxes starting in 2023. Chicão Bulhões, Secretary of Economic Development, Innovation and Simplification of Rio de Janeiro and Pedro Paulo Carvalho, Secretary of Finance and Planning, reported that citizens will be able to use cryptocurrencies to pay urban and territorial property tax (PTU) in the city, starting next year.
In Rio de Janeiro, the cryptocurrency market has gained great popularity and adoption, propelling the city to become an important center for innovation and development of the digital economy.
Eduardo Paes, the city's mayor, said recent initiatives in Rio de Janeiro recognize the potential of this growing market. “Now those who invest in cryptocurrencies and live in the city of Rio will be able to spend this asset here by paying official taxes in the city”, Explained the mayor.
Like other major cities around the world, Rio de Janeiro wants to create an efficient and healthy ecosystem that will allow the development of a solid market for this new class of assets, Carvalho said.
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Property taxes in cryptocurrencies
Rio de Janeiro's plans to accept cryptocurrencies in property taxes fall within the framework of initiatives proposed by the Crypto Rio working group, dedicated to formulating strategies to stimulate the use of cryptocurrencies and technology. blockchain in the city.
Bulhões and Carvalho reported, during the Carioca Cryptoactivity event held last week, that the use of cryptocurrencies in the city of Rio may extend to other areas in the future. Carvalho cited as an example the use of cryptoassets in the payment of mobility services and taxis.
Meanwhile, the city of Rio will rely on companies specializing in cryptocurrencies to facilitate payments with these digital assets. For now, Paes indicated that crypto companies will help the city convert crypto assets to Brazilian real.
NFTs to stimulate the economy, art and culture
In addition to cryptocurrencies and blockchain, Rio de Janeiro has also set its sights on the NFT. Bulhões indicated that the city will become the technology and innovation capital of the country, where NFTs will also play a very important role.
These blockchain-based digital assets possess unique characteristics that make them ideal for representing objects in an immutable, indivisible and scarce way. The city of Rio will use NFTs to further develop its economy, as well as art and culture.
According to Bulhões, “The cryptocurrency universe is another important segment with great potential to further develop Rio's economy, in this area of innovation and technology”.
On the other hand, Rio de Janeiro has also decided to create the Municipal Committee for Crypto Investments (CMCI), which will help the city become a strong digital ecosystem. “The city has the potential to grow further, due to the large number of universities and research centres located here.”, Bulhões said.
Other cities that accept cryptocurrencies in taxes
As mentioned at the beginning, cryptocurrencies have gained ground in several cities that already accept them for the payment of municipal taxes and services. At the beginning of March, the Swiss city of Lugano legalized the use of cryptocurrencies, such as BTC and USDT, for tax payments.
In the cities of Portsmouth (New Hampshire) and Williston (North Dakota), citizens and residents can now pay their utility bills with cryptocurrencies.
On the other hand, the city of Austin (Texas, United States) recently reported the approval of a “research study” that will help it analyze the feasibility of implementing cryptocurrencies in the payment of taxes, while the governor of the state of Colorado (United States), Jared Polis, said that he will enable the payment of taxes with cryptocurrencies, as Bitcoin, starting in August. In the state of Calle Florida The possibility of accepting Bitcoin and other cryptocurrencies for tax payments by companies is also being investigated.
In the case of Rio de Janeiro, the city also plans to invest part of its municipal treasury in Bitcoin, as Mayor Paes announced earlier this year. In addition, Rio de Janeiro will develop its own cryptocurrency, called RioCoin, in collaboration with the City Coin project.
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