Brazilian City Rio will legally accept Bitcoin for Tax payment by next year

Binance exchange will establish its office in Brazil’ Rio De Janeiro to help the city officials to adopt Bitcoin and cryptocurrencies perfectly in the particular payment systems.

At the beginning of this year, The Mayor of the Brazilian city Rio de Janeiro announced a proposal to invest the city’s reserved funds in Bitcoin and also proposed the ideas to introduce better rules to make the city a hub of cryptocurrencies. At that time the Mayor proposed to invest 1% of the city fund in Bitcoin under existing rules and systems. Now, around 2 months after, this Brazilian city is moving toward a new level of crypto and Bitcoin adoption. 

Yesterday, Cointelegraph Brazil covered a report on the new initiative of Brazilian city Rio De Janeiro to adopt Bitcoin to accept tax payments as an alternative medium of payment. 

According to the report, the official crypto tax law announcement was made on 25 March and it will go into effect from next year, which will give an option to the citizens to pay taxes in Bitcoin. 

This proposed bill was first announced by the Secretary of Economic Development, Innovation, and Simplification, Chicão Bulhões. 

On this new crypto and Bitcoin-friendly bill of the Brazilian city, Binance exchange also decided to jump in Rio De to support the crypto talents. 

On 26 March, Changpeng Zhao, CEO of Binance exchange confirmed on Twitter that he will establish an office in Rio. 

As per the announcement, Rio will hire crypto companies to convert its crypto assets into fiat currency, so maybe Binance will be the leading crypto company in Rio to provide this service. 

Announcement read: 

“To enable the operation, the municipality will hire companies specialized in converting crypto assets into reais. In this way, the City Hall will receive 100% of the amount in the currency.”

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