Brazil’s second largest city to accept crypto tax payment by 2023
Rio De Janeiro, Brazil’s most populous city, is taking major strides towards becoming a global crypto hub. Rio will become the first Brazilian city to accept property tax (IPTU) payments in crypto, starting in 2023.
Crypto adoption in Latin America
Talks of adoption of crypto, and especially Bitcoin as legal tender, in Latin America have been spreading rapidly. Since El Salvador made Bitcoin legal tender last year, Brazil, Paraguay, Argentina, Panama, Mexico, and Cuba have started considering adopting cryptocurrencies as official legal tender. Late last year, Brazil’s Deputy also proposed crypto as a payment option for workers.
According to Entrepreneur, the allure for the countries has been in achieving financial inclusion for unbanked citizens and cutting down on the cost of remittance – a major source of the countries’ income.
Indira Kempis, a Mexican Senator, also highlighted these as the reason for her presentation of a bill in the Mexican parliament that proposes for the country to make Bitcoin legal tender.
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