Supporting the move taken by Mayor Eduardo Paes, the CEO of Binance, Changpeng Zhao, announced the opening of the new office in Brazil, pointing out that Paes has accomplished his part and Binance is working on its part. 

Rio de Janeiro has indicated that it is going to start accepting Bitcoin (BTC) for tax payments in properties markets in the city jurisdictions, commonly known as Imposto sobre a propriedade predial e territorial urbana (IPTU).

Adoption of Bitcoin the First Step in Creating a Market for Cryptos

According to Chicao Bulhoes, the Secretary of Economic Development Innovation and Simplification, the latest pro-crypto/ Blockchain Tech legislation will take effect in 2023.

Changpeng, the CEO of Binance, announced that they are supporting the course for opening a new office in Brazil. He indicated that Eduardo Paes has done his part, and Binance is doing its part.  

The initiative will be rolled out in Rio de Janeiro, making it the first city in the country to take Bitcoin payments to the government system. The municipality will contract more firms that specialize in converting cryptos to fiat currency, making it possible to get 100% of payment in local currency. 

Pedro Paulo, the country’s secretary, explained that the goal for the city is to create a market for the new asset class. “We will stimulate circulation of cryptocurrencies by integrating them into the payment of taxes …” added Paulo.

Next: Non-Fungible Tokens (NFTs)!

This is not all! The city also aims to jump into non-fungible tokens (NFTs)-based governance policies across different markets, from culture to tourism. 

In January, Meta (previously Facebook) applied for trademark registration in Brazil to develop and provide hardware and apps for crypto-related operations.