The mayor of Rio de Janeiro invests and allocates 1% of the city’s treasury in bitcoin
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Answer The mayor of Rio de Janeiro invests and allocates 1% of the city’s treasury in bitcoin
Eduardo Paes, the mayor of Rio de Janeiro, has revealed that 1% of the city’s treasury will be allocated to bitcoin.
If he sticks with his decision, the mega city Rio de Janeiro will become the first Brazilian city to buy cryptocurrency as a store of value.
Rio is getting ready to jump the Bitcoin bandwagon.
Mayor Eduardo Paes presented his plans at Rio Innovation Week where he discussed the topic in a lecture with Bitcoin-loving Miami Mayor Francis Suarez.
We will adopt crypto in the city and invest 1% of the treasury in Bitcoin.Read:El Salvador is officially the first country to buy bitcoin with an initial purchase of 200 bitcoin
The 52-year-old mayor of the Brazilian Social Democratic Party has praised Suarez’s efforts to turn Miami into a cryptocurrency hub.
The mayor of Miami has said he is open to exploring the idea of putting 1% of his city’s treasury reserves into bitcoin.
While Miami has established itself as a hub for cryptocurrency in the USA, Rio aims to become the South American hub for the cryptocurrency industry, which Pais confirmed by saying:
Rio de Janeiro has everything it takes to become the tech capital of South America.
Events such as Rio Innovation Week come to enhance the city’s image as an ideal place to work, live and innovate.
The potential adoption of bitcoin in Rio is a huge step for the development of the underlying cryptocurrency because Rio de Janeiro is the financial heart of Brazil.
Its economy is also one of the largest in the Latin American region and one of the fastest growing economies in the world.
In line with bitcoin investing, Mayor Pais is looking to offer a 10% tax rebate when paying in the leading digital asset.Read:Voyager Digital receives the green light to refund users
Last year, the Miami leader showed similar intentions, saying that he would allow residents to pay taxes in bitcoin instead of dollars.
Brazilian government workers will be paid in Bitcoin:
Eduardo Paes is not the first Brazilian politician to express sympathy for the primary cryptocurrency.
In November 2021, Congressman Luis Goularte Alves proposed a bill to enable workers in the public and private sectors to get paid in bitcoin.
According to the bill, employees will be able to choose the exact percentage of their salary they want in cryptocurrency and what they want in fiat currency.
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