Rio De Janerio to Accept Taxes with Cryptocurrencies

Rio de Janeiro, one of the most famous cities on the South American continent, has announced that it will allow citizens to pay taxes using cryptocurrencies. Recognizing the boom in the crypto market, this will be the first city in the country to do so. These measures are part of a plan to ensure that the city will invest some of its funds in crypto assets in the future.

The city revealed a plan to introduce cryptocurrencies in its payment options for taxes. At a recent event officers of the municipality announced the plan start collecting cryptocurrencies for a municipal tax called IPTU from next year. It will be collected by the municipality and has to do with the properties of citizens and their value.

With this Rio de Janeiro has become the first city in Brazil to enable cryptocurrency payments for taxes. According to the press release, the city will be depended on third party companies to complete the goal. These companies will process the payments and convert them to fiat money. 

It will also establish a new institution, the Municipal Committee for Crypto Investments, that will study the best way to put some city funds into cryptocurrencies, being compliant with all the laws of public spending in the country.

But that's not the only cryptocurrency integration plan in the city. Pedro Paulo, secretary of Finance and Planning for Rio plans to add more services to this new payment system.