The cause that was advocated by Eduardo Paes, the Mayor, the CEO of Binance, Changpeng Zhao, recently declared that he will inaugurate a new office in the city of Brazilian. He accepts that Eduardo did what he had to and now it is his responsibility to implement the necessary actions.
Rio de Janeiro Planned To Use Bitcoin For Tax Payment
The city of Brazil, Rio de Janeiro, will finally accept payments in bitcoins while paying taxes which will be connected to the real estate in the urban area within the city’s jurisdiction. As per the views of Cointelegraph in Brazil, this tax legislation related to cryptocurrencies will start in 2023 in Rio de Janeiro and was declared by Chicão Bulhões, who is holding the position of Secretary in Economic Development, Innovation, and Simplification.
The CEO of Binance stated that he made a deal with the Mayor of Brazil, Eduardo Paes, and nine days after he decided to launch a new office in Rio de Janeiro which will enable them to pay taxes with the help of cryptocurrency. This will make Rio de Janeiro the first-ever city in Brazil to start mainstream Bitcoin payment.
This initiative will be started firstly by the municipality which will recruit companies that know about the conversion of crypto assets into reais very well. Following this, the City Hall will get 100% of the entire amount in the form of cryptocurrency.
As per Pedro Paulo, the Secretary of Brazil, the motive of acknowledging this plan is to construct and expand the market of the crypto asset in Rio de Janeiro. He also added that by circulating the cryptocurrencies, there will be proper integration of them into the tax payment and just like IPTU, it will be integrated into tax races as well. Rio de Janeiro is also planning to include policies of Government based on NFTs in other forms of markets like tourism, culture, and art.