Market Analysis Report (28 Mar 2022)

Rio de Janeiro is looking to implement new pro-crypto tax laws in 2023 that would see the city accept Bitcoin for tax payments related to urban real estate, according to the Secretary of Economic Development, Innovation, and Simplification, Chicão Bulhões.

The cause, led by Brazilian Mayor Eduardo Paes, is also supported by Binance CEO Changpeng “CZ” Zhao, who recently announced that Binance was looking to open an office in the Latin American country.

The new law would make Rio the first Brazilian city to make BTC payments mainstream. Brazilian secretary, Pedro Paulo, acknowledged that:

 “To enable the operation, the municipality will hire companies specialized in converting crypto assets into reais. In this way, the City Hall will receive 100% of the amount in the currency.” He added that “we will stimulate the circulation of cryptocurrencies by integrating them into the payment of taxes, as in the case of IPTU and, in the future, this can be expanded to services such as taxi races, for example.”