Rio de Janeiro city.publishThe Oct. 11 decree allows taxpayers to use crypto alongside fiat currency for tax payments. and making Rio the first Brazilian city to accept digital assets for land tax payments.
It is expected that taxpayers will be able to pay with more than one crypto asset. And other types of taxes will be introduced in the future, the announcement also states that companies willing to serve must be registered with the city. and comply with the requirements of the Brazilian SEC
The hired company provides cryptocurrency payments and converts crypto to fiat currencies, with money transferred to the city in the local currency at no additional cost to taxpayers. As Mayor Eduardo Paes said in a statement:
“Rio de Janeiro is a world-class city. So we keep up with technology and advances in the digital economy. As we look to the future, we want to be the nation’s innovation and technology capital. And it makes our city the first in Brazil to offer this type of payment to taxpayers.”
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