Binance has announced that it will open a new office in Rio de Janeiro. At the same time, the Secretary of Economy in Brazil has opened up further payment options for Bitcoin.

New crypto laws have been announced

The city of Rio de Janeiro is preparing to become the first city in Brazil – and likely in the world – to accept bitcoin for tax payments on real estate purchases.

Laws in Brazil are slowly becoming a pro-crypto system. This announcement was made by Chicão Bulhões Secretary for Economic Development, Innovation and Simplification. The crypto tax laws are introduced by the Minister for the implementation of economic development, innovation and simplification. They will come into force in 2023.

In support of this cause by Brazilian Mayor Eduardo Paes, Binance CEO Changpeng Zhao announced the opening of a new branch office in the region.

Will Bitcoin soon become the standard?

This initiative could help position Rio de Janeiro as the first Brazilian city where bitcoin payments become the standard , as it supports not only retail and service businesses but also consumers:

To facilitate the operation, the city government will hire companies specialized in converting cryptocurrencies into reais. In this way, the town hall will receive 100% of the amount in currency.

In order to develop a solid cryptocurrency market in the city, Brazilian Secretary Pedro Paulo confirmed that his goal is to use the digital currency as a means of payment for municipal affairs :

We will promote the circulation of cryptocurrencies by integrating them with the payment of taxes, as in the case of IPTU, and in the future this can be extended to services such as taxi racing.

In this context, the city also plans to introduce NFT-based governance policies for various markets such as arts, culture and tourism. By using blockchain technology, the city government wants to enable different groups or issues to manage their affairs efficiently.

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