By Nathan Ferguson
Rio de Janeiro – the city in Brazil – will formally embrace BTC (Bitcoin) for the payment of taxes dealing with real estate in the jurisdiction of the city. It was reported that the latest laws for the taxation of crypto –which are quite friendly with the community –will be translated into action from the coming year, as declared on the behalf ofChicãoBulhões (the Secretary of Economic Development, Innovation, and Simplification).
To support the respective initiative which is being driven on the behalf of Eduardo Paes (a Brazilian Mayor), Changpeng Zhao – the CEO of Binance (one of the top crypto exchanges across the globe) – declared to introduce an exclusive office within the region, mentioning to have played his part. The CEO noted this in his Twitter post. The same tweet was then reposted by Chicãowho proudly asserting that the consumers can use the respective technology from where they are.
The respective initiative’s rollout will turn Rio de Janeiro into the earliest city across Brazil to take BTC payments to the mainstream, as proposed by a translated document. The document notes that to permit that to happen, the municipality will appoint firms having a specialty in getting the crypto assets transformed into the local currency. That is how 100% accuracy would be received by the City Hall in terms of currency.
Pedro Paulo – the Brazilian secretary – admitted that the target of the city by accepting crypto is to construct a resilient market of the unique and promising asset class across the city. He added that they will enable the crypto circulation via the integration thereof into the tax payments, just like IPTU as well as, next time, an expansion could be seen into it by the inclusion of the services like, for instance, taxi races.
Apart from this, the city intends to initiate NFT (non-fungible tokens)-related governance policies throughout several markets taking account of tourism as well as culture. Formerly this year on 29th January, the largest social media platform across the globe – Meta –submitted a trademark registration under the government of Brazil to develop, design, as well as providesoftware and hardware for several crypto and BTC-related facilities.
It was previously reported thatthe placement of the trademark filing directive of Meta was carried out from Jamaica on 5th October of the previous year.