Rio de Janeiro to accept cryptocurrency payments before taxes

Rio de Janeiro is reportedly planning to become the first Brazilian city to accept Bitcoin (BTC) payments before taxes.


First in country to allow crypto payments

This is evident from a new report† While cryptocurrencies are generally more accepted than a few years ago, countries and cities are increasingly open to the idea of ​​allowing certain payments with such assets. Rio de Janeiro, Brazil’s second-largest city, said it aims to become the first within its borders to accept BTC payments before taxes.

It is expected that the residents of the city will be able to pay via cryptocurrencies from next year, but no specific date has yet been announced. The cryptocurrencies with which payment is made will be immediately converted into Brazilian Real. The cryptocurrencies will not be held for any price speculation.


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Adopt Cryptocurrencies

In order to properly process the crypto payments and answer the questions involved, the city will set up a special committee.

The report also states that the city may want to enter the NFT world. For example, some examples were mentioned to create NFTs with images of tourist attractions.

Cryptocurrencies have found their way in Brazil, as the country has been open to the new digital currencies for a long time. Last year they gave the green light for one of the first Bitcoin ETFs. The country is making great strides within the crypto world with this.

According to a September 2021 survey, nearly half of Brazilians would now support the idea of ​​adopting the primary cryptocurrency into the current financial system. This would allow it to follow El Salvador, for example. However, it is not yet known whether this will actually happen.

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