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Eduardo Paes, the mayor of Rio de Janeiro, Brazil, wants to spend 1% of the city’s treasury in Bitcoin (bitcoin), Cointelegraph Brazil report.
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 discussion with Miami mayor and Bitcoin bull Francis Suarez, he started Accept his BTC salary November 2021.
“We’re going to launch Crypto Rio and invest 1% of the treasury in cryptocurrencies. The government has a role to play,” Pace reportedly said, adding that the state also plans to tax the industry.
The group also included key Brazilian officials, such as city finance minister Pedro Paul, who noted that the government is considering a 10 percent reduction in Brazilian property taxes paid with bitcoin. “Let’s look at the legal framework for doing this,” he said.
related: ‘Mining Mecca: Brazil Considering Zero Tax on Green Bitcoin Mining
The news comes as the Brazilian government’s stance on the bitcoin and cryptocurrency industry is heating up, with federal deputy Luizão Goulart introducing a bill Legalize cryptocurrencies as a payment method Methods for public and private sector workers in November. In December, Brazil’s major crypto payments company, MercadoPago, enabled Brazilian residents to buy, sell, and hold major cryptocurrencies such as BTC and Ether (Ethereum).
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