The city of Rio de Janeiro gave the kick-off to project itself as a hub for the cryptocurrency market in Brazil, years after losing the Stock Exchange to São Paulo. The city hall has already announced that cariocas will be able to pay the IPTU with cryptocurrencies from 2023, becoming the first city in the country to offer this alternative.
The municipal administration intends to expand the initiative to other taxes and encourage the development of the market in Rio through municipal Treasury applications and the stimulation of culture and tourism through NFTs. In the future, the goal is for cryptocurrencies to be used in day-to-day services, such as a taxi ride.
Starting with the IPTU, the municipal secretary of Finance and Planning, Andrea Senko, says that the objective is to stimulate the circulation of digital currencies in the city. “Rio City Hall seeks to create the ideal ecosystem for the development of a solid cryptocurrency market in the city,” she says. “There are successful cases in the world that followed the same line and served as a benchmark for the municipality, such as the states of Ohio (USA) and Ontario (Canada)”, she adds.
At the head of the Finance Department at the time of the project announcement, in partnership with the Economic Development, Innovation and Simplification portfolio, federal deputy Pedro Paulo (PSD-RJ) highlights that the development of the cryptocurrency market in the city tends to generate jobs. Of Quality. “It is a market that creates skilled and well-paid jobs. The city hall has been investing in new markets, also in sustainable assets, instead of fighting for the Stock Exchange with São Paulo”, he highlights.
Although the market is not yet regulated, the city government’s assessment is that there is no legal impediment to offering this alternative to taxpayers, not least because the city hall will receive the amounts in reais, after conversion from specialized companies. At the moment, the government is working on the preparation of a public notice for the accreditation of companies, which will require registration in Brazil and partnership with a bank accredited to the Brazilian Federation of Banks (Febraban), to transfer the amount in reais to the municipality.
CHOICE OF CURRENCY. The city will not limit payment to a digital currency, such as bitcoin, but secretary Andrea Senko explains that this will depend on the brokers who are able to convert to reais. The municipality should already test the payment method in the second half of the year to enable the operation for the payment of IPTU in 2023. The expectation is not very high adhesion at the beginning.
Rio is also working on a methodology for investing in crypto-assets and a governance model for decision-making in municipal Treasury applications. According to Andrea Senko, the Municipal Committee for Cryptoinvestments will be created to refine the methodology, based on the analysis of risk versus profitability and on the rules and limitations of the use of public money.
The information is from the newspaper. The State of São Paulo.
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