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.

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

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

Paes reportedly introduced plans for “Crypto Rio,” or turning the city right into a cryptocurrency hub throughout Rio Innovation Week on Thursday, in accordance to a report by native information company O Globo.

The mayor spoke about Rio’s cryptocurrency-related ambitions in a panel with Miami mayor and Bitcoin bull Francis Suarez, who began 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 mentioned, including that the state can also be planning to introduce tax exemptions for the trade.

The panel additionally included main Brazilian officers like city finance secretary Pedro Paulo, who famous that the administration is contemplating a ten% low cost on property tax in Brazil on funds with Bitcoin. “Let’s study the legal framework to do this,” he mentioned.

The information comes because the Brazilian authorities more and more warms its stance on Bitcoin and the cryptocurrency trade, with federal deputy Luizão Goulart proposing a invoice to legalize crypto as a fee technique for private and non-private sector employees in November. In December, MercadoPago, a significant crypto fee agency in Brazil, enabled Brazilian residents to purchase, promote and maintain main cryptocurrencies like BTC and Ether (ETH).

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Alex Sanders/ author of the article

Expert in marketing and investment project management, financial analyst. Cryptocurrency trader, private consultant, as well as the author of a number of analytical articles on effective work in the cryptocurrency market.

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