They Could Be the New Bitcoin Capital: BTC Accepted for Tax Payments! - Coin Bulletin

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The city of Belo Horizonte in Brazil has approved a bill in its first round that allows the payment of municipal taxes and fees with Bitcoin (BTC) and encourages local businesses to accept cryptocurrency.

The city of Belo Horizonte in Brazil is taking a significant step towards becoming the "Bitcoin Capital" by officially using BTC as a payment method. The City Council has approved in the first round a bill that will allow the payment of taxes and municipal fees with Bitcoin, and will also encourage local businesses to accept cryptocurrencies. Although the bill is still at a stage that needs to be presented for a second round of voting and the mayor's approval, this move to expand the acceptance of digital currencies in the city is drawing attention to Belo Horizonte in the cryptocurrency world.

The voting on the project clearly reflected the existing political divisions in the city. The project passed with 20 votes in favor, 8 votes against, and 6 abstentions. This law will be voted on once more before being submitted for approval by the mayor Álvaro Damião. The bill's proponent, city council member Vile Santos (PL), emphasized Bitcoin's potential to eliminate the state's dependency, while opposing voices pointed out the lack of legal regulation for cryptocurrencies and the economic uncertainty it creates.

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Supporters of the bill argue that Bitcoin serves as a kind of defense mechanism against state monetary policies, while opponents point out the difficulties of integrating cryptocurrencies into the national economy. PT city council member Luiza Dulci expressed her doubts about whether Bitcoin could contribute to the local economy, asking, "What kind of workforce will be created?"