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Rio de Janeiro to Allow Real Estate Tax Payments With Crypto as of 2023, Mayor Says
The state administration will convert crypto payments immediately to Brazilian reais, Mayor Eduardo Paes added.
The Brazilian city of Rio de Janeiro will allow the payment of a municipal real estate tax with cryptocurrencies starting in 2023, the city announced on Friday.
- Through this initiative, Rio de Janeiro will become the first city in Brazil to allow the payment of a tax using cryptocurrencies. The state administration will not store crypto because payments will be immediately converted to Brazilian reais through a company that has not yet been contracted, the city added in its official statement.
- "Our effort here is to make it clear that in the city of Rio we have official initiatives that recognize this market," Rio de Janeiro Mayor Eduardo Paes said in a statement, adding: "Now those who invest in cryptocurrency and live in the city of Rio will be able to spend this asset here paying official tax in the city of Rio. And we're going to move on this fast."
- In January, Paes said the city plans to allocate 1% of its treasury reserves to cryptocurrencies. Through the initiative, the city is seeking to become a global crypto hub and reduce locals' distrust towards cryptocurrencies, Rio de Janeiro's secretary of economic development, Chicão Bulhões, told CoinDesk.
Read more: Brazilian Senate Committee Approves Bill Regulating Crypto Transactions
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Paulo Alves
Paulo Alves is a crypto editor at InfoMoney, a leading financial news publication in Brazil. His work has been featured in CNN Brazil, TechTudo and BeInCrypto Brazil, among other media. He graduated in Journalism from University of Amazon and holds a Digital Communications degree from University of São Paulo.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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