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The city of Belo Horizonte in Brazil has approved a bill in its first round that allows payment of municipal taxes and fees with Bitcoin (BTC) and encourages local merchants to accept cryptocurrency.
The city of Belo Horizonte in Brazil is taking an important step towards becoming the "Bitcoin Capital" by officially using BTC as a payment method. The City Council approved in the first round a bill that will allow taxes and municipal fees to be paid with Bitcoin, while also promoting the acceptance of cryptocurrencies in local commerce. Although the bill is still at a stage that requires a second round of voting and the mayor's approval, this step to expand the acceptance of digital currencies in the city is drawing attention to Belo Horizonte in the cryptocurrency world.
The voting regarding the project clearly reflected the existing political divisions in the city. The project passed with 20 votes in favor, 8 against, and 6 abstentions. This law will be voted on once again before being submitted for approval by Mayor Álvaro Damião. The bill's proponent, city council member Vile Santos (PL), emphasized the potential of Bitcoin to eliminate the state's dependency, while opposing voices pointed out the lack of legal regulation for cryptocurrencies and the economic uncertainty it creates.