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Rio de Janeiro Permits BTC Payments for Real Estate Taxes

If you’re a bitcoin lover and you own real estate in the city of Rio de Janeiro, Brazil, there’s a good chance you’re feeling pretty lucky right about now. The city government has announced that those who own real estate in Rio de Janeiro can pay their real estate taxes with bitcoin and other forms of crypto.
Rio de Janeiro Is Pushing Crypto Forward

The move is proof, once again, that Latin America and crypto appear to go hand in hand. Several countries in that neck of the woods, over the past few years, have done quite a bit to not only legalize crypto but push for higher usage, and now Rio de Janeiro is taking a huge step forward in making the initial goals of digital currency become realities.

While bitcoin and many of its altcoin cousins have taken on very speculative shapes over the past few years, it’s easy to forget that a lot of these assets were initially designed to be used for purchasing goods and services. They were designed to serve as payment methods that would push checks, credit cards, and fiat currencies to the side, but this has been a slow journey given how volatile they are. Many businesses and institutions, as a result, are reluctant to say “yes” when it comes to accepting crypto payments, and to a certain extent, we can understand why.

Consider the following scenario: a person walks into a business and purchases $50 worth of items with bitcoin. For one reason or another, the organization does not convert the BTC into fiat right away. 24 hours go by, and the price of bitcoin drops, causing that $50 to turn into $40. While the customer gets to keep everything they bought, the company has lost money. Is this fair? Not everyone thinks so.

Thanks to Rio de Janeiro and its regulators, the push for crypto payments just got a lot stronger. The acceptance of crypto for real estate taxes is occurring through a joint effort between Binance – the largest and most popular digital currency exchange in the world – and Eduardo Paes, the mayor of the city. In an interview, the chief executive officer of Binance Changpeng Zhao explained:

He (Mayor Paes) has done his share and we are doing ours.

Binance Will Help Out

City officials also took the time to chime in, claiming:

To facilitate the operation, the municipality will contract with firms that specialize in converting cryptocurrency to reais. In this manner, city hall will receive the whole amount in money.

Rio de Janeiro, despite its good intentions, still has quite a way to go if it’s going to compete with other Latin American nations such as El Salvador, which has done all it can to put bitcoin on the map. The country declared BTC legal tender last September and hasn’t looked back.

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Cryptocurrency tax rules will reduce US budget deficit by $11 billion in ten years: White House

The Biden administration’s budget said modernizing tax rules to include digital assets will bring the government $4.9 billion in revenue in 2023.

The US government’s fiscal 2023 budget includes about $11 billion in revenue over the next decade from modernizing rules on digital assets.

According to US President Joe Biden’s fiscal year 2023 budget released by the White House on Monday, changing tax rules on digital assets will reduce the deficit by $10.9 billion from 2023 to 2032. White House said it would “modernize the rules” to include certain taxpayers who declare possessions. of digital assets in foreign accounts, amending market adjustment rules to include digital assets, and requiring financial institutions and cryptocurrency exchanges to report additional information. In addition, it proposed to “treat bond lending as tax-exempt to include other asset classes and address income inclusion.”

The Biden administration has estimated that modernizing tax rules to include digital assets will bring the government $4.9 billion in revenue in 2023. In addition, the budget included $52 million to combat the “misuse of cryptocurrencies,” expanding the Department of Justice’s ability to deal with cyber threats. for the United States. The funding will provide the government agency with “more agents, improved response capabilities, and enhanced intelligence collection and analysis capabilities.”

President Biden said his administration is on track to reduce the US deficit by more than $1.3 trillion by 2022. Among the president’s proposals to increase government revenue is one that calls for a tax rate above 20% of income for American families worth more than $100 million, about 0.01% of households, according to the White House.

Under the leadership of @POTUS, America is on the move again.
-We created more than 6.5 million jobs in 2021.
-Our economy had the highest growth in almost 40 years.
-The unemployment rate dropped to 3.8%.
-And the deficit fell last year by more than $350 billion. pic.twitter.com/lkiH9pZvTb
— The White House (@WhiteHouse) March 28, 2022

The proposed budget followed Biden signing an executive order on March 9 establishing a regulatory framework for digital assets in the United States. The order will require government agencies to explore the potential launch of a digital dollar, as well as coordinate and consolidate policy into a federal framework for cryptocurrencies.

Related: Regulators and Industry Leaders React to Biden’s Executive Order on Cryptocurrencies

The current administration in the US has now considered cryptocurrencies both in their budget estimates and in a regulatory framework. However, the world’s largest democracy recently voted to establish a framework on digital assets through tax policy. On Friday, Indian lawmakers passed a finance bill that included an amendment to a 30% tax on digital assets and non-fungible token transactions. In addition, the framework will not allow deductions for business losses when calculating revenue.

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Canadian Musician Grimes Reveals ‘Intergalactic Metaverse Children’s Book’ at Avalanche Summit

At the Avalanche Summit in Barcelona, ​​Canadian music and music producer Grimes announced plans to release an “intergalactic children’s metaverse book.” Grimes’ metaverse children’s book project is part of a $100 million initiative initiated by the Avalanche Foundation and non-fungible token launch platform (NFT) OP3N.

Grimes partners with OP3N to launch ‘an educational art series for babies and toddlers’ on Avalanche

From March 22-27, at the Avalanche Summit in Barcelona’s Poble Espanyol, NFT Launch Pad OP3N and the Avalanche Foundation announced a $100 million initiative dedicated to Web3 entertainment called Culture Catalyst. Ava Labs President John Wu said Culture Catalyst will bolster Web3 entertainment apps on the Avalanche network.

“The Avalanche Foundation’s Cultural Catalyst Initiative with OP3N marks a watershed moment for entertainment and pop culture applications at Avalanche,” explained Wu. “Users can expect Avalanche’s already strong NFT scene to grow into new areas and be part of a new chapter in the history of Web3 culture.”

In addition to Culture Catalyst, Canadian singer Grimes revealed that she plans to release an “intergalactic children’s metaverse book” as one of the initiative’s projects. Speaking to Avalanche Summit guests from a video screen, Grimes spoke about Web3 and how pleased he was to help OP3N’s efforts.

“When I joined Web3, this was the kind of project I was hoping to see,” Grimes told the audience. “I am very excited to partner with OP3N to launch an educational art series for babies and toddlers with the goal of creating a profound experience for babies that is also deeply meaningful for adults,” added the musician.

Grimes has been heavily involved in the non-fungible token (NFT) ecosystem for the past two years. Grimes is also the wife of Elon Musk and the mother of his son “X Æ A-12”. In March 2021, Grimes teamed up with the NFT Nifty Gateway marketplace to introduce their NFT collection titled “Warnymph Collection Vol. 1”. The NFT raised about $6 million and the NFT called “Newborn 1 and 3” was split.

“I hadn’t dropped any NFTs since the first crash due to environmental concerns. But I feel totally comfortable launching Avalanche,” Grimes said at the blockchain event.

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Russia may accept Bitcoin for gas export

Russia is moving away from the dollar and euro as payment options for its energy exports, and Bitcoin has been mentioned as a possible replacement alongside the ruble and national currencies of partner countries. A high-ranking lawmaker has indicated that Moscow may accept cryptocurrencies for natural gas and other resources.

Russian official mentions Bitcoin among alternative settlement methods for his gas

The Russian Federation has taken action in response to unprecedented Western sanctions imposed by the invasion of Ukraine. The energy-rich nation is now looking for other currencies to replace the US dollar and euro in its gas trade.

On Wednesday, President Vladimir Putin announced that Russia will ask “enemy” nations to pay in rubles for the natural gas they buy. EU member states, many of which rely heavily on Russian gas supplies for heating and power generation, fall into this category.

US and European sanctions are hurting Russia’s economy and fiat currency. Some of the measures target access to the global financial market and foreign exchange reserves. The ruble gained some lost ground after Putin’s announcement, as gasoline prices in Europe soared.

“If we can’t store a coin, acquire it, pay with it, why should we exchange it?” Pavel Zavalny, head of the Energy Committee of the State Duma, the lower house of parliament, commented to Russian media on Thursday.

“Gas is just the beginning, it will affect other resources as well. If they want to buy what they pay for either in hard currency, for us that is gold, or in currencies that suit us, which is the national currency”, said the legislator.

Zavalny explained that agreements with friendly countries like China and Turkey can be made with the ruble or its currencies, the yuan and the lira. Serbia may pay in convertible foreign currency or Russian rubles. He further explained:

The set of currencies may vary and this is normal practice. If there are bitcoins, we will exchange bitcoins.

The official added that several European countries are now ready to buy Russian fuel with rubles. “For that, we just need to solve some organizational problems and sign additional agreements. Nothing changes in our obligations under the contracts. If they don’t pay for gas, there will simply be no gas,” said the parliamentarian.

Russia has been trying to reduce its dependence on the dollar even before the military crisis in Ukraine. In October, Deputy Foreign Minister Alexander Pankin told Interfax that Moscow could partially replace the dollar in its foreign exchange reserves and negotiate deals with other fiat currencies and potentially digital assets such as bitcoin. His comments came shortly after Putin himself said in an interview with CNBC that the cryptocurrency could be used for future oil trade deals.

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Canadian Internet Provider Oxio Says “Yes” to Cryptocurrency Payments

Oxio, an internet provider in Canada, became the first internet service company in the country to accept bitcoin and cryptocurrencies as payment methods.

Oxio Says “Yes” to Cryptocurrency

Oxio has partnered with Coinbase Commerce, a platform linked to the popular cryptocurrency exchange that allows merchants to accept digital currencies for goods and services. Marc-Andre Campagna, CEO and co-founder of Oxio, explained in a statement:

As the first independent digital ISP in Canada, it was easy for Oxio to offer its customers a payment method built for the people of the Internet. Canadians are increasingly interested in cryptocurrencies and we are happy to offer them a way to pay their bills with their preferred cryptocurrency, be it bitcoin, Ethereum, Litecoin or others.

For now, the service is only available to people who want to pay their bills online. With that said, this is undoubtedly a breakthrough in the space, as many cryptocurrencies were initially designed as payment methods. They were created to do away with checks, credit cards and fiat currencies, although this has been a relatively slow ride as the volatility that often accompanies digital currencies has caused many companies to say “no” to cryptocurrency payments.

The fact is that many of these companies are at risk of losing profits if they accept bitcoin. Consider the following scenario: a person walks into a store and buys $50 worth of goods with BTC. For one reason or another, the company accepting the payment cannot immediately convert BTC into fiat currency.

24 hours pass and then the price of the asset drops, causing $50 to become $30. While the person can still keep everything they bought, the store has lost profits. Is this a fair scenario? Not everyone thinks so.

The idea that Oxio is now willing to take that risk and allow bitcoin payments is a big move on their part. Furthermore, the company is clearly realizing that the crypto space is becoming bigger than anyone could have predicted. More and more people are adding digital currencies to their wallets, with 30% of millennials buying cryptocurrencies in recent years.

Marc-Andre Campagna completed his statement with:

This initiative will allow Oxio to lead the charge, offering a crypto-friendly alternative in the connectivity space.

keep things up to date

The company has a history of updating its payment methods. Oxio initially started accepting credit card payments, although it changed things to allow customers to pay directly from their bank accounts. Now, cryptocurrency has been added to the company’s mix of potential options.