Rio de Janeiro Will Soon Start Accepting Crypto Paymentstled document

Second-Largest Brazilian City’s Future Plans

The city has planned to appoint a number of crypto exchange firms to assist in the conversion of cryptocurrencies to Brazilian real. The city plans to provide exemptions to the residents by allowing them to pay their taxes with cryptocurrency. 

In addition, the Finance and Planning Secretary of Rio de Janeiro has proposed ideas to boost tourism in the city. The first move is to encourage local artists to step into the digital space for the creation of NFTs. The collection of NFTs will depict the famous tourist attractions of Rio de Janeiro. 

Notice from the Rio de Janeiro’s City Hall

These plans and strategies shouldn’t come as a surprise to people across the globe. As the City’s Mayor Eduardo Paes already announced plans of converting a percent of the city’s treasury into cryptocurrency. 

Earlier this year, the Economic Affairs Committee of Brazil’s Senate collectively approve a bill that disclosed the move to regulate the cryptocurrency market of Brazil. In the meantime, the Central Bank of Brazil is reportedly working on developing the Central Bank Digital Currency (CBDC). 

In March, Brazil’s Central Bank appointed Visa and Santander to evaluate the feasibility of CBDC’s creation. The second half of the year might observe the Brazilian currency entering the testing phase.