January 23, 2022

Mayor of Rio de Janeiro wants to use 1% of city treasury to buy bitcoins

Mayor of Rio de Janeiro wants to use 1% of city treasury to buy bitcoins

The mayor of Rio de Janeiro, Eduardo Paez, wants to turn the city into the cryptocurrency capital of South America and invest 1% of the treasury in bitcoins.

During Rio Innovation Week, he talked aboutplans to launch the Crypto-Rio project, which provides for a number of measures to popularize digital assets. In addition to allocating some of the funds from the city treasury to buy cryptocurrency, the administration is also considering the possibility of a 10 percent reduction in property tax for those who will pay it in bitcoin.

Currently the authorities study the legal side of the issue.

Discussing the prospects of the crypto industry with the mayorMiami Francis Suarez, Paez also said that the Brazilian government supports his initiative and plans to further introduce tax incentives for businesses related to digital assets at the national level.

The government does not hide its interest instimulating the development of this area. In November, MP Luizao Goulart proposed legalizing crypto-currency payments for citizens, and since 2019, Brazil has been using blockchain to control public procurement.

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