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Rio de Janeiro Plans to change into “Crypto Rio” by Storing A part of its Reserves in Bitcoin

Written by James Smith

Following within the footsteps of Miami, Brazilian metropolis Rio de Janeiro plans to enter the crypto house by having 1% of its reserves in Bitcoin. - 2022-01-14T180935.564.jpg

Talking throughout Rio Innovation Week, Mayor Eduardo Paes revealed that town of Rio de Janeiro is eyeing to speculate a part of its Treasury in cryptocurrencies, according to native media outlet O Globo. 

Paes acknowledged:

“We’re going to launch Crypto Rio and make investments 1% of the Treasury in cryptocurrency.”

Plans are additionally underway to have the choice of paying taxes utilizing Bitcoin, in line with town mayor.


Paes was joined by Francis Suarez, the mayor of Miami, within the occasion by means of video name and he highlighted that the reference to Miami was essential in a world of worldwide cities. 


Rio de Janeiro intends to borrow a leaf from Miami in its Bitcoin adoption journey in order that it turns into the tech capital of South America. Paes famous:

“Miami and Rio are international cities, attracting folks, companies, and organizations. This worldwide dialogue is crucial.”

He added that occasions like Rio Innovation Week had been strengthening town’s standing as an ideal place to dwell, work, and innovate. 


Rio de Janeiro additionally intends to comply with in Miami’s footsteps by providing tax incentives to tech corporations situated in Porto Maravalley. 


On his half, Mayor Suarez identified:

“We created a tsunami of alternative. Many cities in america had been elevating taxes, and we lowered them. We understood that we may very well be on the forefront of innovation and we invited creators right here.” 

Miami has been one of many crypto-friendly cities on American soil. As an illustration, in November final 12 months, town disclosed plans to distribute Bitcoin yields with residents.


Moreover, Mayor Suarez revealed that he would change into the primary American lawmaker to simply accept Bitcoin as wage cost. 

Picture supply: Shutterstock

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James Smith

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