The city of Rio de Janeiro is seeking crypto firms to operate its tax property seasoning in 2023, according to a decree published on Oct. 11, allowing taxpayers to use crypto alongside fiat currency to pay tributes. The move makes Rio the first Brazilian city to accept digital assets as payment for taxes.
It is expected that taxpayers will be able to pay with more than one crypto asset and that other types of taxes will be enabled in the future, the city stated. The decree also states that companies willing to provide the services must be registered with the city and comply with the Brazilian SEC requirements.
The hired companies will provide cryptocurrency payment services and convert crypto into fiat currency. Funds will be transferred to the city in local fiat currency without any additional cost to taxpayers. Mayor Eduardo Paes said in a statement:
“Rio de Janeiro is a global city. Therefore, we are following technology and economic advances in the universe of digital financial...
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