Rio de Janeiro Will Invest 1% of the City’s Treasury in Bitcoin

Rio de Janeiro Mayor Eduardo Paes has stated that he intends to spend 1% of the city’s budget on bitcoin purchases. Paes made the news with fellow cryptocurrency enthusiast Miami Mayor Francis Suarez at a conference.

According to the 52-year-old member of the Brazilian Social Democratic Party (PSDB), “We are going to start Crypto Rio and invest 1 percent of the Treasury in bitcoin,” Paes announced during Rio Innovation Week.

As a result, Rio de Janeiro will become the country’s first major city to accept Bitcoin as a form of currency. Suarez in Miami, who has been attempting to convert the city into a significant hub for the bitcoin industry in the United States, has inspired the mayor of Rio.

Paes lauded the mayor of Miami, stating that he, too, aims to make Rio de Janeiro one of the world’s leading digital asset trading centers.

I think Rio de Janeiro has all it needs to become the IT center of South America. With initiatives like Rio Innovation Week, the city’s reputation as “the ideal place to live, work, and develop” is further cemented.

Contrariwise

The city of Rio de Janeiro is the financial center of Brazil and one of Latin America’s greatest economies.

Rio might become the region’s primary financial center for cryptocurrencies if widespread acceptance of Bitcoin occurs.

In addition to the city’s investment, the mayor’s office will give a 10% discount on municipal taxes to individuals who pay using bitcoins rather than US dollars to boost cryptocurrency trade.

It is not the first time a city mayor has stated anything like this, but it is not the first time it is been reported. New York City Mayor Erick Adams and Los Angeles Mayor Antonio Suarez both want to be paid in Bitcoin and have ambitious ambitions for the cryptocurrency business in their respective jurisdictions.

BTC’s popularity continues to increase

Bitcoin is becoming increasingly popular among Americans. Nearly half of Brazilians want Bitcoin to be legal money, according to a study conducted by Sherlock Communications in September of last year.

Lawmaker Luiz Goularte Alves suggested in November 2021 to pay public and private workers a portion of their salaries in bitcoins in his bill to Congress.

The legislative proposal states: “This Law specifies that a portion of the worker’s pay may, at their discretion, be made in cryptocurrency. In the future, workers would be able to pick how much of their wage they would like to receive in cryptocurrency.

Of course, employers must also agree to the payment method in order for the bill to be viable.

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