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In an announcement made on Friday, Brazilian city best known for its “Copacabana, Rio de Janeiro, revealed plans to allow the payment of real estate tax with cryptocurrency starting in 2023.
Eduardo Paes, Mayor of Rio de Janeiro, said in a statement:
“Our effort here is to make it clear that in the city of Rio we have official initiatives that recognize this market.
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.”
The city will be the first city in Brazil to offer the possibility of crypto payments for taxes.
In January, Paes said that “the government has a role to play” in the crypto markets, with his city considering to allocate 1% of its treasury in Bitcoin.
The city will nevertheless not be ‘hodling’ its crypto tax collections, as the statement said those will immediately be converted to Brazilian reais.