The city of Rio de Janeiro revealed a plan to introduce cryptocurrencies in its payment options for taxes.
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.
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, 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.
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