Brazilian Capital Invests 1% of Reserves in Bitcoin

The mayor of Rio de Janeiro, Eduardo Paez, intends to invest 1% of the city treasury in Bitcoin. This is reported by a largeBrazilian 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,- Paez said.

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Huobi	https://huobi.com	7.4
3	Exmo	https://exmo.me	6.9
4	OKEx	https://okex.com	6.5
5	Bybit	https://bybit.com	6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Additional features and services— futures, options, staking, NFT marketplace.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• final grade– the average number of points for all indicators determines the place in the ranking.

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