The adoption of cryptocurrency comes in various forms these days, but it seems that countries and cities are more open to the idea of allowing certain payments with such assets. Brazil’s second-largest city said it wants to become the first within its borders to accept BTC payments before taxes.
Bloomberg Linea’s report outlined the City of Rio De Janeiro’s announcement indicating that residents will be able to pay IPTU (Imposto Sobre a Propriedade Predial e Territorial Urbana) using digital assets from next year. The municipality wants to work with companies that specialize in converting cryptocurrencies to Brazilian real, reads a note from city hall. This means that once the locals transfer the crypto funds, they are automatically converted to fiat. In January, the city’s mayor introduced a working group focused on accelerating the use of cryptocurrencies to boost the local economy. The City Hall’s note outlined the creation of a Municipal Committee for Crypto Investments (CMCI), which will reduce risks and develop regulatory frameworks. The report informed that the city also wants to enter the non-fungible token world. Some suggestions emerged to create NFTs with images of tourist attractions. Brazil was one of the countries with a more open stance towards the digital asset industry and gave the green light to one of the first Bitcoin ETFs last year. In addition, reports surfaced in February 2022 claiming that the Senate is preparing to vote on a crypto regulation bill. A September 2021 survey, shortly after El Salvador legalized bitcoin, concluded that nearly half of Brazilians support the idea of adopting the primary cryptocurrency.
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