Rio de Janeiro mayor to allocate 1% of the city treasury to Bitcoin

Rio de Janeiro will end up being a crypto center and the very first Brazilian city to purchase Bitcoin as a shop of worth, according to its mayor Eduardo Paes, who made the statement at the Rio Development Week, O Globo reported

Paes got involved on the very first day of the biggest development and innovation conference in Latin America together with Miami Mayor Francis Suarez–stated Bitcoiner, who made his town among the very first cities worldwide that released its own cryptocurrency–the MiamiCoin.

Crypto Rio

“We will release Crypto Rio and invest 1% of the Treasury in Bitcoin,” stated Paes, as it still stays to be seen the number of coins the city will have the ability to buy in the market when it acts.

A decree developing a working group to handle the problems of purchasing Bitcoin for Rio de Janeiro’s reserve is underway, guaranteed Paes, who aspires to place his city ahead of significant cities when it pertains to utilizing development.

“Today’s world revolves far more around a network of cities, the so-called international cities. Miami and Rio are international cities, bring in individuals, functions, and companies. This worldwide discussion is extremely essential,” stated Paes, as he exposed his aspiration for Rio to end up being the tech capital of South America. 

10% discount rate on taxes when paid in Bitcoin

Rio’s mayor likewise exposed a fascinating reward for those who embrace Bitcoin for payments.

According to Paes, the city administration is eagerly anticipating supplying a 10% discount rate on taxes when paid in Bitcoin.

Nevertheless, numerous information of his strategy still stay to be exposed, such as who will take custody of Bitcoin acquired by the city, along with the coins gotten by tax payments.

In addition, it’s still concealed if Rio will look for aid for processing Bitcoin payments from a particular provider.

Lastly, Paes likewise didn’t point out whether he plans to follow Suarez’s steps to develop Rio’s own cryptocurrency in the future.

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