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Rio De Janeiro as a Bitcoin hub?

Rio De Janeiro will become the next major city to accept cryptocurrencies as a form of payment for city fees. This will happen in 2023.

Rio de Janeiro, Brazil

Rio de Janeiro Mayor Eduardo Paes wants to make the Brazilian capital the Bitcoin hub of Latin America. New legislation that will allow city taxes to be paid with cryptocurrencies is meant to speed up the process. This was confirmed by Rio de Janeiro’s Minister of Economic Development and Innovation Chicão Bulhões.

Read also: How safe are the fiat currencies in terms of stability?

The world’s largest cryptocurrency exchange Binance, whose head, Changpeng Zhao, confirmed that they are opening new offices in Brazil is also expected to be involved in the process, so Binance exchange will most likely play a role in the move.

How can Binance help?

Bitcoin won’t stay in the city’s account in its own form. In order to make the whole operation feasible, the Rio De Janeiro City Council wants to hire companies specialized in converting cryptoassets into brazilian currency (brazilian real). Thus, the City Hall will receive 100% of the amount in brazilian real. This was announced in a statement by Secretary Pedro Paula which indicates that the conversion from cryptocurrencies to Real is being carried out by the Binance exchange.

According to recent reports, Rio de Janeiro is also looking to take advantage of the NFT token opportunity which could find its place within various markets, arts, culture and tourism.

Another big player in the game?

Meanwhile Meta Platforms Inc. is also interested in Brazil. Mark Zuckerberg’s firm recently registered trademarks in South America’s largest country related to the development of hardware and software for Bitcoin and other cryptocurrencies.

Bruno is an Investment enthusiast with several years of experience in the industry. He enjoys following the latest news and technology trends...

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