Rio de Janeiro, the second largest Brazilian city, will enable its population to pay property taxes with cryptocurrencies starting in 2023, according to a published article from Bloomberg Linea.
The new pro-cryptocurrency tax laws will start date was announced by the Secretary of Economic Development, Innovation and Simplification, Chicao Bulhoes.
Rio de Janeiro plans to hire companies that will be enable conversion from cryptocurrencies to the Brazilian Real. In addition, the city also is planning to create its very own Non-Fungible-Token (NFT) collection that will be comprised of images of Rio de Janeiro and its most famous landmarks and attractions. Pedro Paulo, Rio’s secretary of finance said Rio de Janeiro looks to spark additional interest into tourism to the city and also create incentives for local artists through NFTs.
Rio de Janeiro is establishing itself as a crypto friendly city over the past year. In January Mayor Eduardo Paes showcased his plan to invest 1% of the city’s treasury into crypto in a discussion with Francis Suarez, the mayor of Miami, Florida. Paulo also added that he has plans to incentivize the population to pay their property taxes with cryptocurrencies like Bitcoin via additional discounts for doing so.
At the time the country of Brazil is currently investigating and working on creating its own central bank digital currency or CBDC. The Brazilian central bank has reached out to companies such as Santander and Visa who have experience with CBDC projects the study the prospects of creating a Brazilian CBDC.