Rio De Janeiro Allows Citizens To Pay Taxes In Bitcoin
Rio de Janeiro, a city in the heart of Brazil, will allow cryptocurrency holders to pay property taxes starting next year.
Globo reports that the mayor’s office issued an administrative order in the city’s newsletter. The order allows Rio residents to pay property taxes on behalf of the property tax by hiring a company that specializes in converting crypto-assets into fiat currency. IPTU (land and urban development tax).
All cities in the country collect this tax from their residents, bringing money to state governments. Inhabitants can pay the IPTU obligation in a lump sum, annually, or monthly.
The city administration contracts with a cryptocurrency company to obtain 100% of the amount in cryptocurrency transactions.. He explained that the project is the creation of Eduardo Paes, who is currently working as the city mayor and is really convinced in the future of cryptocurrency. He said he plans to allow Rio to begin keeping cryptocurrencies in its coffers this year.
Rio as the city of the future
Rio plans to become the first Brazilian city to admit cryptocurrency taxes. Mayor Paes is described to be really excited to explain the new system operation and its future usage.
Rio is an international metropolis city. That’s why the administration has to follow the advances in technology and economics that occur all over the world and introduce them in their own city. They want to look into the upcoming days and help Rio turn into a modernization and hi-tech telecommunication center of the country.
Paes said Rio is already at the forefront of some other Brazilian states that are considering a cryptocurrency-based tax system. The mayor stated. They are the first huge town in all South Americato offer this form of payment.
The introduction of crypto-assets at the Central bank of Rio
The ordinance states that cryptocurrency companies are working with the municipal government on the development of the new system, that must ensure that the payers comply with Central Bank protocols when processing tax payments and conduct the same procedures as financial institutions.
Last January, Paes also talked about the opportunity of contribution to the development and introduction of incentives and bonuses to those who choose to pay IPTU taxes and other payments in Bitcoin.
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