The city of Belo Horizonte in Brazil has approved a bill allowing tax payments with Bitcoin and encouraging local businesses to accept cryptocurrencies.
This bill marks an important step towards making Bitcoin an official payment method in the city. The City Council approved the bill with 20 votes in favor, 8 against, and 6 abstentions. The bill will now move to a second round of voting and must be approved by the mayor. The proposal has sparked political debate in the city, with supporters arguing that Bitcoin could serve as a defense mechanism against government monetary policies, while opponents warn about the lack of regulation and potential economic uncertainty.
If approved, the bill will lead to educational campaigns on Bitcoin usage and provide incentives for businesses that accept cryptocurrency. This move could serve as an example for other cities looking to integrate digital assets into their economic systems.
