Rio De Janeiro invests 1% of its treasury in cryptocurrency –

Rio de Janeiro, one of Brazil's largest cities, will invest part of its treasury in cryptocurrencies. The announcement was made by Rio Mayor Eduardo Paes during Rio Innovation Week. The plan is to transform the city into a cryptocurrency-friendly hub and other tax incentives will also reportedly be introduced to achieve this goal.

Rio De Janeiro invests in cryptocurrency

Rio de Janeiro, one of Brazil's largest cities, will be there allegedly According to Mayor Eduardo Paes, part of its funds are invested in cryptocurrency investments. The mayor made the announcement during a joint presentation with Miami Mayor Francis Suarez at Rio Innovation Week, an event dedicated to modernizing the city.

Paes explained:

We will launch Crypto Rio and invest 1% of the treasury in cryptocurrency.

Suarez, who also launched Miamicoin, a cryptocurrency for the city of Miami, explained that the same development in Miami has created opportunities for investors while providing crypto tax incentives. He defined:

We have created a tsunami of possibilities. Many cities in the United States raised taxes and we lowered them. We understood that we could be at the forefront of innovation and invited developers here.

Tax incentives and regulation

Following in Miami's footsteps, Paes also plans to introduce tax incentives and discounts for users who pay with Bitcoin. Finance Minister Pedro Paulo stated that they are exploring offering a 10% discount to users who pay certain taxes with Bitcoin. However, he also explained that studying the regulations is necessary to effectively apply these changes.

Chicão Bulhões, Secretary of the Economic Development and Innovation Team, explained that these tax incentives are focused on attracting more companies from other regions of the country that are involved in cryptocurrency. Bulhões noted:

We have already approved tax incentives, we already have a percentage of 2% and we also want to focus strongly on the Porto region with the arrival of these new players.

Cryptocurrency regulation in the country is an ongoing matter, with a recent bill for discussion being approved by the Senate this year. The bill, designated 2.303/15, could make Bitcoin a currency in Brazil, its lead sponsor, Deputy Aureo Ribeiro, said. specified yesteryear.

What do you think about Rio de Janeiro investing in cryptocurrency? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price surge occurred in December 2017. He has a background as a computer engineer, lives in Venezuela and is affected by the cryptocurrency boom on a social level. He offers a different perspective on crypto success and how it helps the unbanked and underserved.

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