January 23, 2022

Brazilian Capital Invests 1% of Reserves in Bitcoin

Brazilian Capital Invests 1% of Reserves in Bitcoin

Mayor of Rio de Janeiro Eduardo Paez intends to invest 1% of the city's treasury in bitcoin. It is reported by a major Brazilian edition of O Globo, citing Paez's statement during the city's innovation week.

Eduardo Paes said that the capital could become the first city in Brazil to acquire bitcoin as a store of value.

This was reported by local newspaper livecoins.com.br, citing a speech delivered by Paez during the Rio Innovation Week event, which was also attended by Miami Mayor Francis Suarez.

It is possible that Paez wants to follow in the footsteps ofSuarez, therefore announced that today the city of Rio de Janeiro will publish a decree establishing a special working group to deal with various issues related to the purchase of bitcoins.

The initial goal is to allocate 1% of the city's foreign exchange reserves to BTC.

It should be noted that over the past few yearsThe Brazilian real currency has lost over 45% of its value against the US dollar, so it is not very good as a long-term store of value. During the same period, BTC is up 900% against the US dollar.

Paez also promised that if the residents of the cityRio de Janeiro will decide to pay their taxes in BTC, they may be given discounts. Finance Minister Pedro Paulo and Economic Development, Innovation and Simplification Minister Chicao Bulhoens said the discount would be 7%.

To develop rules that will allow this, Paez will form a special working group.

According to livecoins.com.br, the city's decision could put Rio de Janeiro ahead of the world's largest metropolitan areas and position Brazil as the country to look out for when it comes to bitcoin innovation.

Rio de Janeiro is one of the largest cities in South America and the world with a population of nearly 7 million people.

Today's world revolves around the idea of ​​networks of cities, so-called global cities. Miami and Rio are global cities that attract people and organizations. This international dialogue is very important, Paes said.

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Brazilian Capital Invests 1% of Reserves in Bitcoin

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