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Cryptocurrency adoption is available in totally different types as of late, however evidently international locations and cities have gotten extra open to the concept of permitting sure funds to be made utilizing such belongings. Brazil’s second-largest metropolis stated it desires to change into the primary inside the nation’s borders to simply accept BTC funds for taxes.

The report from Bloomberg Linea outlined the announcement from town of Rio De Janeiro indicating that residents will be capable of pay IPTU (Imposto Sobre a Propriedade Predial e Territorial Urbana) utilizing digital belongings as of subsequent yr.

The municipality desires to work with firms specialised in changing cryptocurrencies into Brazilian actual, reads a observe from the Metropolis Corridor. That means, as soon as locals switch the crypto funds, they are going to be routinely transformed into fiat.
Again in January, town’s mayor launched a working group specializing in methods to speed up the utilization of cryptocurrencies to spice up the native economic system.
The observe from the Metropolis Corridor outlined the creation of a Municipal Committee for Crypto investments (CMCI), which can mitigate dangers and develop regulatory frameworks.

The report knowledgeable that town desires to enter the non-fungible token world as effectively. Some options emerged to create NFTs with photos of vacationer sights.
Brazil has been among the many international locations with a extra open stance on the digital asset business, greenlighting one of many first Bitcoin ETFs final yr.
Moreover, reviews surfaced in February 2022 claiming that the Senate is getting ready to vote on a crypto regulation invoice.

A survey from September 2021, shortly after El Salvador legalized bitcoin, concluded that almost half of Brazilians assist the concept of adopting the first cryptocurrency.