Following in Miami’s footsteps, the Brazilian metropolis of Rio de Janeiro plans to enter the crypto house by holding 1% of its reserves in Bitcoin.

Talking throughout Rio Innovation Week, Mayor Eduardo Paes introduced that the town of Rio de Janeiro intends to speculate a part of its treasury in cryptocurrencies. in response to to native media station O Globo.

Paes defined:

“We’ll launch Crypto Rio and make investments 1% of the Treasury in cryptocurrency.”

In keeping with the town’s mayor, there are additionally plans to have the flexibility to pay taxes with bitcoin.

Paes was joined by Miami Mayor Francis Suarez on the occasion by way of video name, and he emphasised that the connection to Miami is significant in a world of worldwide cities.

Rio de Janeiro intends to borrow a leaf from Miami on its bitcoin adoption journey to turn into the tech capital of South America. Paes remarked:

“Miami and Rio are world cities that appeal to folks, companies and organizations. This worldwide dialogue is important.”

He added that occasions like Rio Innovation Week would reinforce the town’s standing as the proper place to reside, work and innovate.

Rio de Janeiro additionally intends to comply with in Miami’s footsteps by providing tax incentives to tech firms based mostly in Porto Maravalley.

For his half, Mayor Suarez identified:

“We’ve created a tsunami of alternatives. Many cities in america raised taxes and we lowered them. We understood that we could be on the forefront of innovation and invited builders right here.”

Miami was one of many crypto-friendly cities on American soil. For instance, in November final 12 months the town disclosed plans to share bitcoin proceeds with residents.

As well as, Mayor Suarez revealed that he would turn into the primary American lawmaker to just accept bitcoin as a wage cost.

Picture supply: Shutterstock


Please enter your comment!
Please enter your name here