CryptoWallCity vs MEXC Exchange

The Brazilian city of Rio de Janeiro has approved crypto tax payments starting in 2023.

Rio de Janeiro, Brazil’s second-largest city, will start accepting crypto payments for property taxes in 2023.

It seems that countries and cities are becoming more open to allowing some payments to be made using digital assets.

An announcement from the city of Rio De Janeiro suggests that residents will be able to pay for IPTU (Imposto Sobre a Propriedade Predial e Territorial Urbana) with digital assets from next year.

Rio de Janeiro City Hall added that the city will contract with multiple companies to handle the conversion of cryptocurrency to real Brazil.

Meaning, when locals transfer cryptocurrencies, they are automatically converted to fiat.

Binance CEO Changpeng Zhao also said that he had an agreement with the market that:

“Rio De Janeiro will accept crypto for tax payments, and Binance will open an office in Rio. He’s done his part. We are working on ours.”

Rio’s latest initiatives are not the first. Previously, Paes announced his intention to invest 1% of the city’s funds in cryptocurrency during a meeting with Miami Mayor Francis Suarez.

Rio de Janeiro’s finance and planning secretary, Pedro Paulo, claimed that the city intends to offer an additional discount to citizens who pay their taxes in cryptocurrency.

A survey from September 2021, shortly after El Salvador legalized bitcoin, found that almost half of Brazilians support the idea of ‚Äč‚ÄčBTC adoption.

PushpendraTech & SmartView co-founder Ai Pushpendra Singh said that the event shows that crypto adoption is increasing day by day.