Rio de Janeiro is going full crypto
Paulo also claimed that Rio de Janeiro had plans to offer an additional discount to those residents who pay their taxes with cryptocurrencies.
Last month, the economic affairs committee of Brazil’s Senate unanimously greenlit a bill regulating the local cryptocurrency market. The text of the legislation defines virtual assets and the responsibilities of service providers while specifying criminal liability and fines for breaking specific rules.
In the meantime, the central bank of Brazil is actively working on developing its own central bank digital currency. Earlier this month, the central bank chose projects from such firms as Visa and Santander to assess the viability of developing a CBDC. The Brazilian real is expected to enter the testing phase in the second half of the year.
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