According to multiple reports, the second biggest city in the popular country of Brazil will be allowing people to pay their real estate taxes using Bitcoin in the coming year of 2023.

Latest reports from Brazil have revealed that the major Brazilian city of Rio de Janeiro will start to let people pay their land taxes with Bitcoin next year. As for how the implementation of Bitcoin payments will be conducted, the City Hall of Rio de Janeiro mentioned that the authorities will start to get in touch with various digital currency firms, in order to take care of the process of converting Bitcoin cryptocurrency into the Brazilian Reals.

Rio Mayor and Binance CEO Fruitful Exchange

CEO of massively popular cryptocurrency exchange, Binance, Mr Changpeng Zhao revealed a new workspace in the Brazilian land, highlighting the company’s interest towards the Brazilian economy. All this effort in bringing Bitcoin payments comes from Mayor Eduardo Paes working with Zhao. Zhao said that Paes has played his part and it is now time that Binance comes into action. Zhao and Eduardo Paes had a very friendly exchange, in reference to the photo posted by Zhao on his main twitter account.

Eduardo Paes has had a positive mindset about the implementation of cryptocurrencies in the region. He stated that the utilization of cryptocurrencies as a tax payment method will help to evolve and solidify the market of this new digital asset class.

New Crypto Taxation Laws

Chicão Bulhões, Secretary of Economic Development and Innovation also revealed about the fresh new cryptocurrency taxation laws that are scheduled to be implemented in the coming year. The implementation of Bitcoin payments in the city of Rio de Janeiro will make it the first ever Brazilian city to promote Bitcoin, as a legit payment method.

Brazil Promoting NFTs and Working with Meta

In addition to Bitcoin tax payments, Rio de Janeiro will also be bringing NFTs into play, breathing more life into the fields of arts, culture and tourism in the city. Meta, who is now said to be the biggest social media platform, also very recently registered an original trademark with the respective authorities of Brazil, promoting the design and development of crypto-based systems in the region.

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