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Rio de Janeiro plans to invest 1 percent of city assets in bitcoin

 


As part of Rio Innovation Week, Mayor Eduardo Paes announces spectacular plans for his city.


Eduardo Paes, the mayor of the Brazilian metropolis Rio de Janeiro, wants to invest 1% of the city's wealth in Bitcoin ( BTC ), Cointelegraph Brazil reports .


According to the major Brazilian daily O Globo, this is the result of the mayor's new plans to transform Rio de Janeiro into "Crypto Rio", i.e. the Brazilian Mecca of the crypto industry.


Paes presented these plans yesterday as part of the Rio Innovation Week, when he debated the urban use of cryptocurrencies in a panel discussion with Francis Suarez, the mayor of the American city of Miami. Suarez is a self-confessed crypto fan, so he has been receiving his salary payments in BTC since November 2021 and also wants to make his city an important location for the industry.


“We will launch Crypto Rio by investing 1% of city assets in cryptocurrencies. Governments are also allowed to participate in the market,” says Paes. He added that the Brazilian state is already planning tax breaks for the crypto industry.


Another panelist was City Treasury Councilor Pedro Paulo, who disclosed that Rio is also planning a 10% rebate on property tax payments made with Bitcoin. "First we have to check the legal basis for this," Paulo added.


This development is against the background that the Brazilian government has recently opened up more and more to Bitcoin and the crypto industry. For example, parliamentarian Luizão Goulart recently introduced a bill that would make cryptocurrencies legal means of payment. Additionally, major South American crypto exchange MercadoPago opened its doors in Brazil in December, allowing investors in the country to trade cryptocurrencies such as bitcoin and ether ( ETH ) on the trading platform.

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