Rio de Janeiro to Accept Cryptocurrency Payments for Taxes Next Year

https://motleybloggers.com/wp-content/uploads/2022/03/rio-de-janeiro-to-accept-cryptocurrency-payments-for-taxes-next-year.jpg

rio de janeiro

Rio de Janeiro, one of the most iconic cities of the South American continent, has announced it will allow its citizens to pay taxes with cryptocurrencies. This makes it the first city in the country to do so, recognizing there is a boom in the cryptocurrency market. These actions form part of a plan that sees the city investing some of its funds in crypto assets in the future.

Rio de Janeiro Will Expand Its Tax Payment Options

The city of Rio de Janeiro revealed a plan to introduce cryptocurrencies in its payment options for taxes. At a recent event where the mayor of the city, Eduardo Paes, was present, officers of the municipality announced the plan to start collecting cryptocurrencies for a municipal tax called the IPTU starting next year. This tax has to do with the properties of citizens and their value, and it is collected by the municipality.

The initiative makes Rio de Janeiro the first city in Brazil to enable cryptocurrency payments for taxes. According to a press release, to complete this goal, the city will have to rely on third-party companies that will process the payments and convert them to fiat money. In this way, the city will only receive Brazilian reals while enabling users to pay with crypto.

On this new proposal, Mayor Eduardo Paes stated:

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 forward quickly.

Plans for the Future

However, the city’s plan for cryptocurrency integration does not stop there. According to Pedro Paulo, secretary of Finance and Planning for Rio, the city has plans to include more services under this new payment system. Paulo stated:

In the future, this may be extended to services such as taxi rides, for example. Going further, we will use these crypto assets to stimulate the arts, culture, and tourism, through NFTs, and create a solid and responsible governance policy to evaluate the realization of crypto investments.

For this last goal, the city of Rio will create a new institution, the Municipal Committee for Crypto Investments, that will study the best way to put some city funds into cryptocurrencies, being compliant with all the laws of public spending in the country. The city had announced this plan in January, stating that 1% of the city’s funds would be put in crypto at that time.

What do you think of Rio de Janeiro accepting cryptocurrencies as payment for municipal taxes? Tell us in the comments section below.

Origina post from
https://motleybloggers.com/rio-de-janeiro-to-accept-cryptocurrency-payments-for-taxes-next-year/

Comments

A Jacobin Podcast Review: Critiques on Crypto and Sterlin’s Response

https://motleybloggers.com/wp-content/uploads/2022/01/a-jacobin-podcast-review-critiques-on-crypto-and-sterlins-response.jpg The following opinion editorial is a Jacobin Podcast review written by the author Sterlin Lujan , the chief risk officer with Cryptospace. The Jacobin Podcast episode called: “ Dig: Cryptocurrency w/ Edward Ongweso Jr & Jacob Silverman, ” touches upon “cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape.” Cryptocurrency isn’t fringe technology anymore. Over the last decade, it has become embedded into finance, culture, and even our social life. It’s drastically changing the way we think about money, economics, and human action. However, some people, primarily on the left, are skeptical of cryptocurrency. Many of them hate it, regardless of how much of a godsend it has been for many. My friend, thought leader, author, and psychedelic visionary, Daniel Pinchbeck, pointed out a

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this report, we relis

‘Bitcoin Is Dead’ Google Searches Skyrocket, Bitcoin Obituaries Records 15 Deaths This Year

https://motleybloggers.com/wp-content/uploads/2022/06/bitcoin-is-dead-google-searches-skyrocket-bitcoin-obituaries-records-15-deaths-this-year.jpg According to the Bitcoin Obituaries list, bitcoin has died 15 times in 2022, and the last obituary written about bitcoin’s death was on June 18, in a recent statement that said: “Bitcoin Will Not Recover.” Interestingly, Google Trends data shows that the search phrase “bitcoin is dead,” is estimated to hit an all-time high this week. The Old Saying ‘Bitcoin Is Dead’ Comes Back to Life In recent times, you may have heard the phrase “bitcoin is dead,” or something similar. A great number of people truly believe that bitcoin is dead while many believe the crypto asset is the future of money. The past two weeks have been gruesome for bitcoin as prices dropped to a low of $17,593 per unit. The analytics company Glassnode shows the losses during the last three days have been massive. “The last three consecutive days have been the largest USD deno

motleybloggers

Search This Blog