The Mayor of Rio De Janeiro Plans to Invest 1% of the City's Treasure Reserves in Bitcoin

The mayor of Rio de Janeiro plans to put 1% of the city’s treasure treasury into Bitcoin. In a press conference at the end of Rio Innovation Week, mayor Eduardo Paes revealed his plans to invest the cryptocurrency during a panel with Miami Mayor Francis Suarez. The Brazilian capital could be the next major crypto hub and may even offer a discount on property taxes for bitcoin owners.

In a recent announcement, the Mayor of Rio de Janeiro announced his intention to invest 1% of the city’s treasury reserves in bitcoin. The news came as a surprise to many in the cryptocurrency community, but the move shows the rising popularity of crypto. Last year, the mayor of Miami, Florida, also announced his plans to invest in bitcoin, but he has yet to do so. Nonetheless, he said the investment was a top priority.

The city has long been a hub of financial activity, and the mayor of Rio de Janeiro plans to leverage that to attract more cryptocurrency companies. In addition to tax discounts, the city plans to allow residents to pay their taxes in bitcoin, and has introduced legislation to allow payment in bitcoin to public and private workers. In a further move to promote the currency, the City of Miami recently allowed its citizens to pay their property taxes using bitcoin.

The Mayor of Rio De Janeiro Plans to Invest 1% of the City's Treasure Reserves in Bitcoin

A second plan being considered by the administration is offering additional discounts for tax payments made in Bitcoin. This new incentive is intended to attract more cryptocurrency businesses to the city. The government will also announce the creation of a working group for the cryptocurrency industry. The decision is expected to be made later today. It is unknown how much the city will invest, but it is a bold move.

The mayor of Rio de Janeiro is planning to introduce additional tax incentives for cryptocurrency owners. The city also plans to establish a cryptocurrency commission, which will help the city develop a crypto-friendly regulatory environment. By offering these incentives to the cryptocurrency community, the mayor hopes to attract new businesses to the city. This could also lead to a massive increase in the city’s economy, which is the fastest-growing economy in Latin America.

Also Read: Coinbase user lost $12 million in Bitcoin through a trick notification

In the past several weeks, the Rio de Janeiro mayor has announced his intentions to invest in crypto assets. He said that the city wants to be a leader in cryptocurrency investment, and is planning to make the state’s cryptocurrency industry a key player in the digital age. However, the incoming government has a lot of work ahead of it.

By Martina Arend

Martina works as a staff reporter and as she was an entrepreneur from the start and always followed latest online business models like Crypto and Forex Trading. Many entrepreneurs have been making money from Latest things like Crypto and Forex Trading so does she. She also writes intellectual news pieces for the Crypto and Forex Trading section of Daily Reuters.

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