Rio de Janeiro accepts bitcoin for tax after deal with Binance

We start the Sunday with good bitcoin news from Brazil! There, the metropolis of Rio de Janeiro has announced that it will accept bitcoin (BTC) for paying taxes.

Rio wants to “recognize crypto market” with bitcoin

The city with 6.8 million inhabitants announced this weekend to that the Imposto sobre a propriedade predial e territorial urbana (IPTU) tax in 2023 can be paid with bitcoin. IPTU is a type of real estate tax, targeting buildings and houses within the city limits of Rio de Janeiro.

The mayor of the city, Eduardo Paes, says in the announcement that his goal is to recognize the crypto market:

“Our effort here is to make it clear that we have official initiatives in the city of Rio that recognize this market. Now those who invest in cryptocurrency and live in the city of Rio can spend their assets here to pay official taxes in the city of Rio.”

And it will not just stop at the payment of the IPTU tax: “We are going to stimulate the circulation of cryptocurrencies and integrate it with the payment of taxes, as in the case of IPTU and in the future this could be extended to services such as taxi rides, for instance.”

Binance helped with decision

It seems that crypto exchange Binance played an important role in winning the city over. Binance CEO Changpeng Zhao (CZ) says on Twitter that he made a deal with the mayor 9 days ago: “9 days ago I shook hands with Mayor Paes:”

“Rio De Janeiro accepts crypto for tax payments and Binance will open an office in Rio. He has done his part. We are working on ours.”

Interesting news from Rio de Janeiro, but not the first crypto news from this city. At the beginning of this year, the mayor announced that buying bitcoin yourself is also on the agenda. Paes wants to put 1% of the city treasury in bitcoin, as you can read in this article.

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