Rio De Janeiro to Invest 1% of Its Treasury in Cryptocurrency
Rio de Janeiro, one of the largest cities in Brazil, will invest part of its Treasury in cryptocurrencies. The announcement was made by the mayor of Rio, Eduardo Paes, during Rio Innovation Week. The plan is to turn the city into a cryptocurrency-friendly hub, and there are other tax incentives that will also be put in place to achieve this objective, according to reports. Rio De Janeiro to Invest in Cryptocurrency Rio de Janeiro, one of the biggest cities in Brazil, will reportedly put some of its funds into cryptocurrency investments, according to statements from mayor Eduardo....
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Rio de Janeiro, Brazil’s second-largest city, will begin accepting cryptocurrency payments for property taxes in 2023, reports said Saturday. According to a notice from the City Hall of Rio de Janeiro, the city will contract multiple companies to handle the conversion of cryptocurrencies to Brazilian reals. Binance Chief Executive Officer Changpeng Zhao announced the opening […]
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,....
Rio de Janeiro mayor Eduardo Paes talked about Bitcoin with Miami mayor and BTC bull Francis Suarez at Rio Innovation Week. Eduardo Paes, mayor of Brazilian city Rio de Janeiro, wants to allocate 1% of the city’s treasury into Bitcoin (BTC), Cointelegraph Brazil reported.Paes reportedly announced plans for “Crypto Rio,” or turning the city into a cryptocurrency hub during Rio Innovation Week on Thursday, according to a report by local news agency O Globo.The mayor spoke about Rio’s cryptocurrency-related ambitions in a panel with Miami mayor and Bitcoin bull Francis Suarez, who started....
The secretary of finance and planning commented on the city’s plans to put a percentage of the treasury into bitcoin. Brazil has tax breaks for bitcoin miners.
The city will allow taxpayers to make crypto payments through third-party service providers. The city of Rio de Janeiro is seeking crypto firms to operate its tax property seasoning in 2023, according to a decree published on Oct. 11, allowing taxpayers to use crypto alongside fiat currency to pay tributes. The move makes Rio the first Brazilian city to accept digital assets as payment for taxes.It is expected that taxpayers will be able to pay with more than one crypto asset and that other types of taxes will be enabled in the future, the city stated. The decree also states that companies....