Rio de Janeiro mayor programs to invest one% of the city’s treasury in Bitcoin (BTC)

Eduardo Paes, mayor of Rio de Janeiro, programs to allocate one% of the city’s reserves in Bitcoin.

Mayor Eduardo Paes presented his program at Rio Innovation Week when he mentioned the subject in an exchange with Miami Mayor Francis Suarez, regarded for his robust assistance for Bitcoin in excess of the previous yr.

“We will launch the Rio cryptocurrency fund and invest 1% of the city budget in Bitcoin.”

The 52-yr-previous member of the Brazilian Social Democratic Party praised Suarez’s efforts to make Miami a crypto hub. Paes mentioned that if Miami has positioned itself as a US Bitcoin hub, Rio will also aim to come to be a important area for the cryptocurrency field in South America.

“Rio de Janeiro has all the credentials to be the technological capital of South America. Events this kind of as Rio Innovation Week aim to reinforce the city’s picture as the fantastic area to get the job done, reside and innovate. “

The adoption of Bitcoin can be viewed as a huge stage in the direction of the growth of the cryptocurrency as Rio de Janeiro is the fiscal center of Brazil. Brazil is also a single of the greatest nations in Latin America and the quickest increasing economic system globally.

In line with the Bitcoin investment campaign, Mayor Paes is on the lookout to reduce taxes by ten% when paying out with BTC assets. Last yr, the mayor of Miami expressed equivalent intentions when he announced he would permit residents to pay out taxes in BTC as an alternative of USD.

However, if Paes succeeds with his program, Rio de Janeiro will come to be the to start with Brazilian city to hold Bitcoin on its stability sheet. El Salvador, on the other hand, grew to become the to start with nation to invest in Bitcoin. The Central American nation presently holds close to one,390 BTC, which is really worth in excess of $ 58 million at press time.

Eduardo Paes is not the to start with Brazilian politician to express sympathy for cryptocurrencies. In November 2021, House of Representatives member Luiz Goularte Alves proposed a bill that would permit public and personal sector employees to pay out in Bitcoin.

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