Rio de Janeiro will accept payment of local taxes in Bitcoin. Dubai attracts cryptocurrency companies.
Rio de Janeiro will also accept property tax payments in Bitcoin from 2023
The Brazilian city of Rio de Janeiro will allow the payment of municipal property tax in cryptocurrencies from 2023. With this initiative, Rio de Janeiro will become the first city in Brazil to allow tax payments using cryptocurrencies. The state government will not store the crypto, as the payments will be immediately converted into Brazilian real through a company that has not yet been contracted, the city added in its official statement.
"Our effort is to clarify that we have official initiatives in the city of Rio that recognise this market," said Rio de Janeiro Mayor Eduardo Paes, adding, "Now those who invest in cryptocurrencies and live in the city of Rio de Janeiro will be able to spend these assets by paying an official tax in the city of Rio.
In January, Paes said the city planned to set aside 1% of its cash reserves for cryptocurrencies. Through this initiative, the city aims to become a global cryptocurrency hub and reduce local residents' distrust of cryptocurrencies, said Rio de Janeiro's economic development secretary Chicão Bulhões.
Ukraine launches NFT museum to preserve memories of war
Ukraine has launched an NFT museum "to preserve the statehood and history of Ukraine," said Deputy Minister for Digital Transformation Alex Bornyakov.
Bornyakov revealed plans for a website called "Meta History: Museum of War" on Twitter. The site also includes a "warline," a timeline of events, each of which is accompanied by a corresponding NFT.
Each of the NFTs includes a tweet related to a significant moment in the war, along with an illustration by various Ukrainian artists. In this way, the Ukrainian government has raised more than $600,000 by selling unmistakable tokens that will be used to rebuild museums, theaters, and other cultural institutions destroyed since the Russian invasion in February.
Dubai wants to be the cryptocurrency capital
Dubai wants to be the new cryptocurrency capital of the world. Cryptocurrency exchange Bybit announced on Monday that it is moving its headquarters from Singapore to Dubai and could begin operations as early as April.
"Bybit's decision to open its global headquarters in Dubai is a milestone in our efforts to position the UAE as a global digital hub," said Thani Al Zeyoudi, the UAE's minister of foreign trade and minister in charge of talent attraction and retention.
"To stay ahead in this fast-changing industry, we are building a business ecosystem with strict regulations to attract, retain and enable high-growth companies," Al Zeyoundi added.