Crypto payments in Rio are expected to be allowed in different taxable sectors after the property sector
Rio de Janeiro, a Brazilian city, announced that it would accept crypto payments for property taxes. According to an October 11 decree, the city is looking for crypto firms to operate its tax property seasoning in 2023. This will enable taxpayers to pay taxes using crypto as well as fiat currency. The decree is titled 'IPTU 2023 poderá ser pago por meio de criptomoedas' (IPTU 2023 can be paid through crypto assets).
With this move, Rio became the first Brazilian city to accept digital assets as a tax payment. The decree stated that companies interested in participating in this initiative must be registered in the city and meet all requirements imposed by the Brazilian Securities and Exchange Commission (SEC). Each taxpayer will be able to deposit funds in multiple crypto assets. The payments will then be converted to Brazilian Reals by the hired crypto firms. The municipality will receive 100 per cent of the value in local currency under the measure at no additional cost to the capital.