As related by the Secretary of Economic Development, Innovation and Simplification, Chicão Bulhões, multiple companies will be contracted to handle the conversion of digital currencies to Brazilian reais.

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It’s worth noting that this new development will place Rio de Janeiro as the first Brazilian city to adopt payments in cryptocurrency.

The translated announcement reads in part:

“To enable the operation, the municipality will hire companies specialized in converting crypto assets into reais. In this way, the City Hall will receive 100% of the amount in the currency.”

According to Pedro Paulo, the city’s finance and planning secretary, the goal of accepting crypto for property tax payments is to develop a solid market of the nascent asset class in the city.

Pedro Paulo noted:

“We will stimulate the circulation of cryptocurrencies by integrating them into the payment of taxes, as in the case of IPTU and, in the future, this can be expanded to services such as taxi races, for example.”

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Moreover, the city plans to involve non-fungible token (NFT)-based governance policies across various markets, including arts, culture, and tourism.

Meanwhile, Binance CEO, Changpeng CZ popularly known as CZ, has announced the company’s plan to open a new office in the region, stating that “9 days ago, I made a handshake deal with mayor @eduardopaes. Rio De Janeiro will accept crypto for tax payments, and @Binance will open an office in Rio. He’s done his part. We are working on ours.”

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