15 October 2026
Rio de Janeiro To Accept Tax Payments In Cryptocurrency
The second-largest Brazilian city, Rio de Janeiro, will accept Cryptocurrencies for property tax payments in 2023.
As per Rio de Janeiro's City Hall note, the authorities will hire several companies that will look after converting Cryptocurrencies into the Brazilian real.
Additionally, Rio de Janeiro is planning to come up with its own collection of non-fungible tokens. These NFTs will feature images of Rio de Janeiro’s most famous tourist spots. According to Pedro Paulo, the city’s secretary of finance and planning, the goal of the city is to stimulate tourism and incentivize local artists with the help of NFTs.
Earlier, the Mayor of Rio de Janeiro, Eduardo Paes, announced plans to put 1% of the city’s treasury into crypto during a conversation with Miami Mayor Francis Suarez.
Also, the city will offer an additional discount to those residents who pay their taxes with Cryptocurrencies.
In February, the economic affairs committee of Brazil’s Senate passed the bill regulating the local Cryptocurrency market. It defines virtual assets and the responsibilities of service providers while specifying criminal liability and fines for breaking specific rules.
At the same time, Brazil's central bank is actively working on developing its own central bank digital currency. The bank has chosen projects from such firms as Visa and Santander to assess the viability of developing a CBDC.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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