Rio de Janeiro invests 1% of its treasury in cryptocurrencies – Bitcoin News

Rio de Janeiro, one of Brazil’s largest cities, will invest part of its finance ministry in cryptocurrencies. Rio Mayor Eduardo Paes made the announcement during Rio Innovation Week. According to reports, the plan is to turn the city into a crypto-friendly hub, and other tax incentives will also be implemented to make this happen.

Rio de Janeiro invests in cryptocurrencies

Rio de Janeiro, one of the largest cities in Brazil it is said According to a statement from Mayor Eduardo Paes, put some of the money into cryptocurrency investments. The mayor made the announcement in a joint speech with Miami Mayor Francis Suarez at Rio Innovation Week, an event that deals with the modernization of the city.

Pace declared:

We will launch Crypto Rio and invest 1% of the Treasury in cryptocurrency.

Suarez also launched Miamicoin, a cryptocurrency for the city of Miami, a development he said in Miami creates opportunities for investors while offering crypto tax benefits. He declared:

We created a tsunami of opportunity. Many cities in America are raising taxes, and we are lowering them. We know we can be at the forefront of innovation, so we invite creators to come here.

Tax Incentives and Regulation

Following in Miami’s footsteps, Paes also plans to establish tax incentives and discounts for users who pay with bitcoin. Finance Minister Pedro Paul explained that they are considering a 10% discount for users who pay certain taxes using Bitcoin. However, he also said there was a need to study regulations to effectively apply these changes.

Chicão Bulhões, secretary of the Economic Development and Innovation Team, said that the focus of these tax incentives is to attract more companies involved in cryptocurrencies from other parts of the country. Bulhões said:

We have approved tax incentives, we already have a 2% percentage, and we also want to focus on the Porto area to welcome these new actors.

Regulation of cryptocurrencies in the country is an ongoing issue, with a recent bill approved by the Senate this year for discussion. The bill, identified as 2.303/15, could make bitcoins in Brazil as its main sponsor, Deputy Aureo Ribeiro, statement last year.

What do you think about investing in cryptocurrencies in Rio de Janeiro? Let us know in the comments section below.'

Sergio Goshenko

Sergio is a cryptocurrency journalist in Venezuela. He describes himself as late to the game, entering the crypto space when prices rose in December 2017. With a background in computer engineering, living in Venezuela, and being affected by the cryptocurrency craze on a social level, he offers a different perspective on the success of cryptocurrencies and how it can help the unbanked and underserved.

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