Rio de Janeiro is now one step closer to bringing cryptocurrencies as the payment option for taxpayers.
Rio de Janeiro or simply Rio is Brazil’s 3rd most populous state, and also the 2nd most populous city in Brazil. In the first quarter of this year, Rio city started to show significant Inclination toward the crypto & blockchain technology adoption.
On 11 October, A decree was released by Rio City confirming that the City is seeking to tie up partnership with crypto companies to add a service for the citizens to allow them to pay the tax directly through the crypto service provider’ portal, without any kind of additional fees of charge.
As per the decree, all the crypto companies will be required to register with the Brazilian Securities and Exchange Commission (SEC) requirements, to provide tax payment services via their platform. This service probably will be available by early 2023 and government agencies will try to unlock features to pay all other kinds of tax payments in cryptocurrencies in future.
Eduardo Paes, Mayor of Rio, said that Rio is a global city it will move toward innovation via the adoption of crypto & blockchain technology.
” We have a look to the future and we want to become the country’s capital of innovation and technology. Our city is the first in Brazil to offer the taxpayer this type of payment.” Mayor said.
Earlier, in March of this year, Binance CEO Changpeng Zhao confirmed that Rio City is planning to introduce a crypto payment option for the citizens to pay tax. Zhao also said that he will setup up an office in Rio city to support the initiative of the Rio Government.
A similar kind of crypto adoption took place in Colorado, which welcomes crypto use in tax payments.
In recent months, it has been seen, where lawmakers from Arizona, Wyoming, and Utah proposed bills to accept tax payments via the use of crypto-supported payment methods.