Brazilian mayor to reportedly invest 1% of city reserves in Bitcoin

Eduardo
Paes,
mayor
of
Brazilian
city
Rio
de
Janeiro,
wants
to
allocate
1%
of
the
city’s
treasury
into
Bitcoin
(BTC),
Cointelegraph
Brazil

reported
.

Paes
reportedly
announced
plans
for
“Crypto
Rio,”
or
turning
the
city
into
a
cryptocurrency
hub
during
Rio
Innovation
Week
on
Thursday,

according

to
a
report
by
local
news
agency
O
Globo.

The
mayor
spoke
about
Rio’s
cryptocurrency-related
ambitions
in
a
panel
with
Miami
mayor
and
Bitcoin
bull
Francis
Suarez,
who
started

accepting
his
paychecks
in
BTC

in
November
2021.

“We
are
going
to
launch
Crypto
Rio
and
invest
1%
of
the
treasury
in
cryptocurrency.
The
government
has
a
role
to
play,”
Paes
reportedly
said,
adding
that
the
state
is
also
planning
to
introduce
tax
exemptions
for
the
industry.

The
panel
also
included
major
Brazilian
officials
like
city
finance
secretary
Pedro
Paulo,
who
noted
that
the
administration
is
considering
a
10%
discount
on
property
tax
in
Brazil
on
payments
with
Bitcoin.
“Let’s
study
the
legal
framework
to
do
this,”
he
said.



Related:
Mecca
of
mining’:
Brazil
considers
zero
tax
on
green
Bitcoin
mining

The
news
comes
as
the
Brazilian
government
increasingly
warms
its
stance
on
Bitcoin
and
the
cryptocurrency
industry,
with
federal
deputy
Luizão
Goulart
proposing
a
bill
to

legalize
crypto
as
a
payment

method
for
public
and
private
sector
workers
in
November.
In
December,
MercadoPago,
a
major
crypto
payment
firm
in
Brazil,
enabled
Brazilian
residents
to
buy,
sell
and
hold
major
cryptocurrencies
like
BTC
and
Ether
(ETH).

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