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Rio de Janeiro to Accept Cryptocurrency Payments for Taxes (Report)

Cryptocurrency adoption comes in different forms these days, but it seems that countries and cities are becoming more open to the idea of allowing certain payments to be made using such assets. Brazil’s second-largest city said it wants to become the first within the nation’s borders to accept BTC payments for taxes.

The report from Bloomberg Linea outlined the announcement from the city of Rio De Janeiro indicating that residents will be able to pay IPTU (Imposto Sobre a Propriedade Predial e Territorial Urbana) using digital assets as of next year.
The municipality wants to work with companies specialized in converting cryptocurrencies into Brazilian real, reads a note from the City Hall. Meaning, once locals transfer the crypto funds, they will be automatically converted into fiat.
Back in January, the city’s mayor introduced a working group focusing on how to accelerate the usage of cryptocurrencies to boost the local economy.
The note from the City Hall outlined the creatio

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