Rio de Janeiro Will Allow Paying Taxes with Bitcoin
Main page News, Bitcoin, Brazil

Rio de Janeiro authorities will introduce amendments to the current legislation in 2023 that will allow citizens to pay property taxes using Bitcoin, the head of the city's economic development and innovation department, Chicão Bulhões, has announced.

According to a press release shared by the authorities, a "specialized company" will be hired to convert the cryptocurrency into Brazilian reals. Thus, the city hall will not keep digital assets on its balance sheet.

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Pedro Paulo, a representative of the administration, has said:

"We will stimulate the circulation of cryptocurrencies by integrating them into the payment of taxes, as is the case of municipal property tax. In the future, the practice may be extended to other services such as cab payment."

At the moment it is unknown which company will become the intermediary. However, Binance's CEO, Changpeng Zhao, has previously said he has met with the mayor of Rio de Janeiro, Eduardo Paez.

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