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Brazil is considering adopting virtual assets


Oct 20, 2022

Curitiba City of Brazil is considering adopting virtual assets as a means of tax payment.

According to LiveCoins, a media outlet specializing in virtual assets on the 18th, Curitiba, Parana, is pushing to introduce virtual assets as a tax payment method. Currently, the plan will be evaluated by local local governments and heads of institutions.

Virtual assets expected as a means of paying taxes are expected to be introduced into Brazil’s “urban land tax (IPTU)” with Bitcoin.

According to LiveCoins, Curitiba City Council has proposed the introduction of virtual assets to the administration. This is to increase rationality and efficiency through the latest and modernization of tax collection tools.

Brazil is already actively moving to legislate virtual assets, with Rio de Janeiro confirming a plan to pay taxes in Bitcoin.

In March, Changfeng Zhao, CEO of Binance, a global virtual asset exchange, tweeted that Eduardo Pass, the mayor of Rio de Janeiro, has established a tax system through virtual currency. Bitcoin will be used to pay land taxes from 2023.

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