TheCryptoUpdates
BitcoinBitcoin NewsBTC NewsCryptoCryptocurrency NewsGeneral NewsNews

Rio de Janeiro Embraces Cryptocurrency

Rio de Janeiro Embraces Cryptocurrency

Rio de Janeiro has taken the first step towards adopting the crypto world and will be Brazil’s first city to allow tax payments in cryptocurrency. As a result, Rio will be at the forefront of the trend toward widespread acceptance of cryptocurrencies.

Companies that specialize in Crypto conversion will be employed to help with this. As a result, City Hall will be able to collect all of the taxes due in fiat currency rather than digital. 

Rio de Janeiro is preparing to issue an NFT depicting the city’s tourist attractions.

It is also planned to introduce a one-of-a-kind collection of non-fungible tokens (NFTs) (NFTs). In contrast, the city’s most popular tourist attractions will be included in those NFTs.

Plans for the Future

However, the city’s cryptocurrency integration strategy does not end there. Rio de Janeiro’s secretary of finance and planning, Pedro Paulo, says the city plans to broaden the new payment system’s use to other services.

For this latter goal, the city of Rio will form a new institution, the Municipal Committee for Crypto Investments, to examine the best strategy to invest some municipal funds in cryptocurrencies while staying compliant with all of the country’s public spending requirements. 

One percent of public funds, according to the city, will be placed in cryptocurrencies at this time, according to a January announcement.

Rio de Janeiro and NFT  

Rio de Janeiro is also preparing to issue an NFT depicting the city’s tourism attractions. Rio is planning the release of a limited-edition series of non-fungible coins (NFTs). Those NFTs, on the other hand, will include photos of some of the city’s most recognizable landmarks.

***

 

Related Articles

Federal Reserve Chair Jerome Powell Insists on Online Privacy for Digital Currency

Mridul Srivastava

Bitcoin News | Blockstream CEO Adam Back issues BTC Prediction $500,000, Says its ‘Plausible’

Akansha Kesarwani

Mercedes-Benz and Polygon will join hands to create a Data Exchange Platform: Acentrik

Mridul Srivastava