According to Bloomberg Linea, Rio de Janeiro is planning to be the first municipal on Brazilian land to accept tax payments in cryptocurrency starting in 2023.
As a result, the municipality is preparing to recruit firms to assist in converting crypto assets to the Brazilian Real, the country’s currency.
Rio de Janeiro, Brazil’s second-largest city, plans to enter the non-fungible token (NFT) market, which continues to sweep the globe by storm.
As a result, the to-be-developed arts will be stored in a blockchain wallet approved by the municipality, which will get a share of the sale proceeds.
The goal of accepting crypto tax payments for properties was supported by Pedro Paulo, the Secretary of Finance and Planning of Rio de Janeiro.
This news comes months after Mayor Eduardo Paes said the city intended to become “Crypto Rio” by holding a portion of its treasury in cryptocurrency, according to Blockchain.News.
Rio de Janeiro’s ambition of becoming the innovation center of South America was spurred by its desire to take a page from Miami’s book in terms of Bitcoin acceptance.
Tax payment using cryptocurrency has become a big subject in several world regions.
For example, Governor Ron DeSantis of Florida has announced plans to provide a cryptocurrency payment option for firms remitting taxes.
Given that top crypto startups have opened up shop in Miami, he expressed his views in response to the claim that the state was one of the growing hotspots for crypto investment.