Home>News>Economy>Cryptocurrency>Brazilian mayor to reportedly invest 1% of city reserves in Bitcoin

Brazilian mayor to reportedly invest 1% of city reserves in Bitcoin

Brazilian mayor to reportedly invest 1% of city reserves in Bitcoin

Rio de Janeiro mayor Eduardo Paes talked about Bitcoin with Miami mayor and BTC bull Francis Suarez at Rio Innovation Week.

Eduardo Paes, mayor of Brazilian city Rio de Janeiro, wants to allocate 1% of the city’s treasury into Bitcoin (BTC), Cointelegraph Brazil reported.

Paes reportedly announced plans for “Crypto Rio,” or turning the city into a cryptocurrency hub during Rio Innovation Week on Thursday, according to a report by local news agency O Globo.

The mayor spoke about Rio’s cryptocurrency-related ambitions in a panel with Miami mayor and Bitcoin bull Francis Suarez, who started accepting his paychecks in BTC in November 2021.

“We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency. The government has a role to play,” Paes reportedly said, adding that the state is also planning to introduce tax exemptions for the industry.

The panel also included major Brazilian officials like city finance secretary Pedro Paulo, who noted that the administration is considering a 10% discount on property tax in Brazil on payments with Bitcoin. “Let’s study the legal framework to do this,” he said.

Related: ‘Mecca of mining’: Brazil considers zero tax on green Bitcoin mining

The news comes as the Brazilian government increasingly warms its stance on Bitcoin and the cryptocurrency industry, with federal deputy Luizão Goulart proposing a bill to legalize crypto as a payment method for public and private sector workers in November. In December, MercadoPago, a major crypto payment firm in Brazil, enabled Brazilian residents to buy, sell and hold major cryptocurrencies like BTC and Ether (ETH).


Другие новости рубрики

Актуальные новости

04.11.2021, 10:39
2 ETFs Offer More Than A Virtual Piece Of Mark Zuckerberg’s Facebook Metaverse
26.03.2022, 17:30
Creators of the Cool Cats NFT Collection Sign With Leading Talent Agency CAA
26.01.2022, 01:39
Fading power? Weak DOGE spike after Elon Musk makes McDonald’s offer
08.07.2022, 18:00
Bitcoin Price Outlook for July — Traders Remain Concerned About Upcoming Fed Rate Hike and Bankrupt Crypto Firms
20.10.2021, 08:12
Copper: New Peak Or Another Correction Ahead?
26.05.2021, 12:30
Gamestop NFT Website Discovered With Hidden Easter Egg Retro Game
16.06.2021, 16:25
US Fed Inactivity May Lead Bitcoin to Moon, But a Negative Impact is Possible
22.05.2021, 22:00
Mystery Bitcoin Whale from 2010 Disappears, Dormant Address from 2013 Sees Strange Activity
$ 24535
$ 1994
$ 0.382364
$ 0.999885
$ 64.7