Brazil’s Seaside City Starts Receiving Cryptocurrency as a Payment Option for Taxes
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Following a law announced in the second week of October by the government of Rio de Janeiro, the residents of the city will now be able to remit their taxes via cryptocurrency. They could also pay with two or more coins.
Regarding the news, the city will become the first Brazilian municipal to receive cryptocurrency as a citizen tax. According to the law released, taxpayers will also be able to pay with more than one digital asset.
The Rio de Janeiro Government Is Looking to Partner with a Crypto Firm
However, the government of Rio is looking for a cryptocurrency company to partner with to carry out this plan in the year 2023. The law further stipulates that organizations wishing to provide the solutions should be identified by the government and adhere to Securities and Exchange Commission of Brazil regulations.
The contracted businesses should offer digital payment processing and also perform cryptocurrency to paper currency conversions. Citizens will not be charged any extra fees as the money will be remitted to the city account in local currency.
Rio is a worldwide metropolis and, as a result, the city will keep track of digital developments in all aspects, as they hope for a nation with high creativity and technological advancement, declared the Mayor of the city.
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