- Brazil’s central bank is hard at work developing its own digital money. The central bank chose proposals from Visa and Santander earlier this month to test the potential of building a CBDC. In the second half, the Brazilian real is projected to begin the testing phase.
- During a conversation with Miami Mayor Francis Suarez, Rio de Janeiro Mayor Eduardo Paes stated plans to put 1% of the city’s money into cryptocurrency.
- Rio de Janeiro, Brazil’s second-largest city, would allow property taxes to be paid with cryptocurrency starting in 2023. According to a press release from Rio de Janeiro City Hall, the city will contract various companies to convert cryptocurrency into Brazilian real.
‘Rio de Janeiro’ or in simple words Rio is Brazil’s second-largest metropolis and the world’s sixth-largest city. After So Paulo and Minas Gerais, Rio de Janeiro is the capital of the state of the same name, which is Brazil’s third-most populous state. On July 1, 2012, a section of the city was declared as a Cultural Landscape as part of the World Heritage Site Rio de Janeiro: Carioca Landscapes between the Mountain and the Sea.
Various Companies To Convert Cryptocurrency Into Brazilian Real
Rio de Janeiro will be the first Brazilian city to accept cryptocurrency as payment for taxes. According to Bloomberg Lnea, Rio de Janeiro, Brazil’s second-largest city, would allow property taxes to be paid with cryptocurrency starting in 2023. According to a press release from Rio de Janeiro City Hall, the city will contract various companies to convert cryptocurrency into Brazilian real.
The city also intends to create its own non-fungible tokens with photos of Rio de Janeiro’s most popular tourist attractions. According to Pedro Paulo, the city’s finance and planning secretary, the goal is to use NFTs to stimulate tourism and support local artists. The cryptocurrency ambitions of Rio de Janeiro are unsurprising. During a conversation with Miami Mayor Francis Suarez, Rio de Janeiro Mayor Eduardo Paes stated plans to put 1% of the city’s money into cryptocurrency, according to U.Today.
Brazil’s Central Bank Is Developing Its Own Digital Money
Paulo also alleged that Rio de Janeiro intends to give citizens who pay their taxes in cryptocurrency an additional discount. The Economic Affairs Committee of the Brazilian Senate unanimously passed a bill governing the local cryptocurrency industry last month. The legislation’s text establishes virtual assets and service providers’ responsibilities, as well as criminal culpability and fines for infractions of particular laws.
Meanwhile, Brazil’s central bank is hard at work developing its own digital money. The central bank chose proposals from Visa and Santander earlier this month to test the potential of building a CBDC. In the second half, the Brazilian real is projected to begin the testing phase.
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Source: https://www.thecoinrepublic.com/2022/04/07/beginning-around-2023-rio-de-janeiro-will-accept-cryptocurrency-for-taxation-payments/