This is a very good thing, Brazil is undoubtedly a country that does not want to be left behind in terms of alternative economic matters, it is well known that the traditional global economic model is based on debt and that its inflation is its greatest vulnerability, basing a country in a model that can fall due to anything that is not controlled is to put assets at risk and anything that represents value given in dollar fiat money, Eur, by accepting BTC they will be protecting themselves or shielding themselves in some way, I see it a very important movement on the part of the Brazilians.
When we analyze some jobs that offer and pay in BTC or crypto in South America, the countries with the most offers come to the fore, Argentina and Brazil, since they are countries where people are having more interaction, that will help in some way without a doubt for the adoption and massive entry of demand to the BTC Market.
Topic: Rio de Janeiro To Allow Paying Taxes With Crypto Starting From 2023 (Read 127 times)
March 28, 2022, 01:35:53 PM
Why would they delay on imposing it to next year? They could've done it now, or are they still studying furthermore? Is it really hard to make it happen as early as they can? I mean delaying it would be bad move, it could be canceled anytime within those span of time. Either way it is a nice move, especially with the discounts of paying taxes with crypto, good strategy for the people get into using crypto currencies.
March 28, 2022, 07:08:20 AM
...According to a note that comes from Rio de Janeiro's City Hall, the city will hire several companies that will be responsible for converting cryptocurrencies into the Brazilian real...
Paulo also claimed that Rio de Janeiro had plans to offer an additional discount to those residents who pay their taxes with cryptocurrencies...
Paulo also claimed that Rio de Janeiro had plans to offer an additional discount to those residents who pay their taxes with cryptocurrencies...
For me, the interest of the Mayor office of Rio de Janeiro in paying tax in cryptocurrency and providing discounts for it is completely incomprehensible. After all, the mayor's office is not going to hold the cryptocurrency, but will use the conversion of the cryptocurrency into the Brazilian real. And at the same time, she will also have to pay a percentage for the conversion.
March 28, 2022, 06:53:11 AM
Is Rio de Janeiro having a separate law above that of Brazil as a country ? That is my question about this development or are they running a confederation government in Brazil. Anyway if they are now accepting tax payment in cryptocurrency then other states will join to that. This is more great win for cryptocurrency that will push the price up.
It’s a normal thing in some countries, states are allowed to make such laws for themselves. You can take Colorado in the United states as an example: their governor announced that they will soon start accepting cryptocurrency such as ethereum and Bitcoin for tax payment starting from June. So it’s really nothing new, there are states that do similar things in different countries.And when a particular state like this decides to take such a move, I believe that it is also going to encourage other states in that country to also permit their citizens to have access to paying their tax with cryptocurrency. When they see how well things are going with the ones that have adopted it, they would also like to do the same thing.
March 28, 2022, 03:53:36 AM
Rest of Brazil will follow? Or do you think this will be unique just to Rio de Janeiro?
March 28, 2022, 03:07:09 AM
Rio de Janeiro one of the well known city among the entire list of popular cities in the world turning to be cryptocurrency friendly is good. The Mayor already have got plans of legalizing cryptocurrency. The best thing out of the move is the providing discount to businesses that work with cryptocurrency. On the other side Brazil is working on the development of its own CBDC. Allowing people to pay taxes in cryptocurrency is the base to make people learn about cryptocurrencies. Once the CBDC is developed people will be asked to move towards the country's CBDC.
March 28, 2022, 02:55:34 AM
That's an awesome move. I hope they will make it possible that all kinds of taxes can be paid in cryptos going forward. This creates so many new opportunities for Brazil. Rio de Janeiro is a beautiful city, maybe they want to transform into the new crypto capital of South America. For the big crypto traders this could be a chance to relocate to Rio. Imagine trading during the day and enjoy the beautiful beaches and nightlife in the evening. Also if this will be a big success for Rio then other cities in Brazil and South America will do the same. Another great news for the crypto community.
March 28, 2022, 02:47:50 AM
according to the news what is earned from paying taxes through crypto remains in the form of local currency because the government will use a third party to convert crypto, maybe the government wants to know exactly what percentage of its citizens use crypto and so it has the right data and it will be easy for them developing other things in crypto.
March 27, 2022, 07:59:14 PM
This is huge, accepting crypto is a big threat to the banks and yet the government allows it this only means to me that many Brazilian people already understand cryprocurrency and they know its real value. I’ve heard rumors before about banning Bitcoin in Brazil but it looks like now they are heading into a good adoption, this can benefit a lot of people for sure and it can affect the market as well.
This may be influenced by the initiatives like from El Salvador's government and other countries that are crypto friendly. As the government is looking for payment options in terms of digital or online method, crypto will be a very good one to consider in this option. The government wants to reach its people as much as possible with possible known alternative payment methods, in order for them to encourage its people to comply with their taxes at their own convenience.
March 27, 2022, 06:59:25 PM
Allowing their citizens to pay their taxes by using cryptocurrencies such as Bitcoin is good and I believe it would make a lot of things more easier for people
I give in to believe this to an extent base on the fact that the government are collecting the tax not minding the negative implication it may cause the operators, very soon dont be surprised they may also wanted to lunch their own CBDC, government don't joke with anything involving finance.
Is usually good when the government allows people a choice like this, there should be several options available for people to pick from.
I hope they maintain this their decision not to change it with time
March 27, 2022, 06:40:57 PM
This is huge, accepting crypto is a big threat to the banks and yet the government allows it this only means to me that many Brazilian people already understand cryprocurrency and they know its real value. I’ve heard rumors before about banning Bitcoin in Brazil but it looks like now they are heading into a good adoption, this can benefit a lot of people for sure and it can affect the market as well.
March 27, 2022, 05:33:27 PM
I do not understand the fact why the government is trying to convert the cryptocurrencies to the local currency since this can very easily mean that the government can actually get an indirect bitcoins treasury. They could also have problems with the volatility as well. I do think that what they are doing is amazing but they should keep the bitcoins insted of employing a company to convert it into the fiat.
This would also mean that they would be able to track down people who are actually holding a lot of Bitcoins as well. Therefore it's a double edged sword as well, some people are definately Hiding so that they don't have to pay taxes therefore this might be an easy way out for them without getting in any trouble as well.
This would also mean that they would be able to track down people who are actually holding a lot of Bitcoins as well. Therefore it's a double edged sword as well, some people are definately Hiding so that they don't have to pay taxes therefore this might be an easy way out for them without getting in any trouble as well.
March 27, 2022, 05:21:46 PM
It’s a really nice move. Allowing their citizens to pay their taxes by using cryptocurrencies such as Bitcoin is good and I believe it would make a lot of things more easier for people. Is usually good when the government allows people a choice like this, there should be several options available for people to pick from.
And it’s good that the City of Rio de Janeiro has allowed its citizens to be able to make the decision for themselves and whether they will be able to make payments using crypto or using Fiat, whichever they would prefer, then they would use that. This shows that their government is fully into cryptocurrency and would clear all doubts that most people would have about making use of cryptocurrency and encourage them to go for it.
And it’s good that the City of Rio de Janeiro has allowed its citizens to be able to make the decision for themselves and whether they will be able to make payments using crypto or using Fiat, whichever they would prefer, then they would use that. This shows that their government is fully into cryptocurrency and would clear all doubts that most people would have about making use of cryptocurrency and encourage them to go for it.
March 27, 2022, 03:23:04 PM
In recent years, brazil starting adoption in many things for their people and governments changed a lot because I visited this country about ten years ago and compared to many other countries this country is doing more hard work for the adoption of their government, cryptocurrencies and bitcoin can be one of them because they aim to be a technology-friendly country and keep their people happy, also there are some other countries they are considering paying tax with bitcoin, this can be a good new to see brazil is one of them.
March 27, 2022, 10:28:52 AM
1 bitcoin will remain 1 bitcoin forever if they want to keep it, but governments should certainly consider the volatility of cryoto prices in the long run because they shouldn't invest with their people's money as much as they can afford.
Governments may be able to save 10%-20% of assets that go into their wallets as tax revenue for investing, while another 80%-90% should be converted directly to fiat to prevent price volatility. But of course, the news will be good for crypto developments in Brazil.
Governments may be able to save 10%-20% of assets that go into their wallets as tax revenue for investing, while another 80%-90% should be converted directly to fiat to prevent price volatility. But of course, the news will be good for crypto developments in Brazil.
Yes of course, the government will not keep all of asset in Bitcoin, they have to fulfill people needs for public facilities such as road, school, hospital and etc. This is the function of tax, the circulation and income for developing city to be better, it should be supported fully with convenience for taxpayers. the easier it is the more they are happy and don't think long about paying for it. no one is harmed by the implementation of this bitcoin.
March 27, 2022, 10:26:47 AM
Is Rio de Janeiro having a separate law above that of Brazil as a country ? That is my question about this development or are they running a confederation government in Brazil. Anyway if they are now accepting tax payment in cryptocurrency then other states will join to that. This is more great win for cryptocurrency that will push the price up.
March 27, 2022, 09:07:57 AM
In some recent post I said that I think we are at the beginning of the adoption by public institutions. This cycle started with the adoption by private institutions, companies, and I think we are at the beginning of a path in which owning crypto in a few years (maybe 10 or 20) will be as normal as today is to have a cell phone with internet connection. Just today there was a similar news about Portsmouth in the forum.
In the case of Rio de Janeiro, I like it better that they plan to keep 1% in reserves, while Portsmouth plans to convert all payments automatically to dollars. Although they talk in general about crypto, and it seems to me that only a small part will be Bitcoin, but in any case, anything that helps normalization and mass adoption is good news.
In the case of Rio de Janeiro, I like it better that they plan to keep 1% in reserves, while Portsmouth plans to convert all payments automatically to dollars. Although they talk in general about crypto, and it seems to me that only a small part will be Bitcoin, but in any case, anything that helps normalization and mass adoption is good news.
March 27, 2022, 05:34:19 AM
This is such a very big development for the crypto market. If many other countries will accept such then the centralized money policy will be over with time and everyone will be in a better and more secured money saving policy.
March 26, 2022, 01:02:24 PM
If the goverment really will make it happen, I think this is one big movement for the city. When they earn money in BTC and save it so the value of what they earn never get inflation effect. The convenience which is offered by the government will interest people to aware pay tax even their crypto asset.
1 bitcoin will remain 1 bitcoin forever if they want to keep it, but governments should certainly consider the volatility of cryoto prices in the long run because they shouldn't invest with their people's money as much as they can afford.Governments may be able to save 10%-20% of assets that go into their wallets as tax revenue for investing, while another 80%-90% should be converted directly to fiat to prevent price volatility. But of course, the news will be good for crypto developments in Brazil.
March 26, 2022, 12:52:52 PM
If the goverment really will make it happen, I think this is one big movement for the city. When they earn money in BTC and save it so the value of what they earn never get inflation effect. The convenience which is offered by the government will interest people to aware pay tax even their crypto asset.
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