The Brazilian city of Rio de Janeiro allows residents to pay their taxes in cryptocurrency

The Brazilian city of Rio de Janeiro has decided to allow residents to pay their property taxes in the form of cryptocurrency starting in 2023, thus becoming the first Brazilian city ever to do so. city ​​and demonstrate compliance with the requirements”SEC“Brazilian.

Each taxpayer will be allowed to deposit his money in more than one cryptocurrency, and the chartered crypto companies will then transfer the payments to the Brazilian real to the treasury..

She said Bitstamp In a September report, 77% of the Brazilian population trusts digital assets, “BitstampIt is a cryptocurrency exchange based in Luxembourg, that allows trading between fiat currencies, bitcoin and other cryptocurrencies.

12,053 organizations declared cryptocurrency ownership in Brazil, which is a six percent increase from 11,360 companies that declared cryptocurrency ownership in July of this year..

Bitcoin, followed by Ether andstablecoin are the two most popular cryptocurrencies held by Brazilian organizations.

Using cryptocurrencies as a means of paying taxes is not a new concept, as many parts of the United States such as Wyoming, Arizona and Utah have already started to engage in this idea..

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