With Brazil's crypto boom, the first city in the country issued a decree that will allow citizens to pay their property tax in cryptocurrencies. Rio de Janeiro is, with this move, at the forefront of the country's accelerating mass adoption of crypto.

Interested taxpayers can likely settle their property taxes in more than one cryptocurrency, which besides Ethereum or Solana, opens the door for newer altcoins like Uniglo.io

The world is embracing crypto

Rio de Janeiro's move to accept crypto for tax obligations shows the slowly growing acceptance of institutions for the digital asset class. Just in September this year, three states in the United States also started to accept cryptocurrencies for tax payments.

However, in Brazil, third-party providers collect property taxes in crypto, exchanging it for fiat and then sending it to the tax authorities at no additional cost to taxpayers. These companies must be registered with the Securities and Exchange Commission (SEC) and comply with their regulations.

The city is not alone in the broadening acceptance of crypto in the country. According to tax authorities, over 12,000 companies in August declared to hold cryptocurrencies on their balance sheets.

It is a matter of time until most of our daily payments are payable in crypto, including the newcomer DAO Uniglo.io.

Uniglo.io – People's choice

One of the most notable newcomers in crypto is the DAO (short for decentralized autonomous organization) Uniglo.io, which sparked the interest of many investors with its unique design to secure the value of the protocol.

Unique to GLO, the native currency of the DAO is that it is backed by a vault that holds an array of digitized commodities, cryptocurrencies, and digital art or NFTs. Those acquired assets stabilize the value for all holders of GLO, while it in symphony with the Ultra Burn feature also makes the token scarcer over time. As a result, the protocol can mitigate any downside movements and increase in value over time.

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This unique combination would make GLO a superb investment and make it suitable for settling payments, such as taxes.

Final thoughts

In a fast-evolving and ever-more digitized world, it is vital to keep track, especially as a governmental institution. In that sense, the first parts of the world are starting to integrate cryptocurrencies as a means of payment for official government business. Uniglo.io, currently in its final presale phase, can only profit from these developments and is keen to be accepted for payments in as many avenues as possible.