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Rio de Janeiro mayor to allocate 1% of the city treasury to Bitcoin

rio de janeiro is about to become a crypto hub and the first brazilian city to buy bitcoin as a store of value, according to its mayor eduardo paes, who made the announcement at the rio innovation week, o globo reported

Paes attended the first day of the largest meeting on innovation and technology in latin america with the mayor of miami, francis suarez, said bitcoiner, which turned its municipality into one of the first cities in the world to launch its own cryptocurrency, miamicoin.

crypto rio

"let's launch crypto rio and invest 1% of the treasury in bitcoin," said paes, as it remains to be seen how many parts the town will be able to buy in the market when it acts.

A decree establishing a working group to address the issues of buying bitcoin for the reserve of rio de janeiro is underway, assured paes, who is eager to position their city before the big cities when it comes to taking advantage of innovation.

"Today's world is much more about a network of cities, so-called global cities. Miami and Rio are world cities, attracting people, positions and organizations. This international dialogue is very important," said Paes, as he revealed his ambition to make Rio the technology capital of South America. 

10% discount on taxes when paid in bitcoin

rio’s mayor also revealed an interesting incentive for those who adopt bitcoin for payments.

According to paes, the city administration is impatient to provide a 10% discount on taxes when paid in Bitcoin.

However, several details of the plan have not yet been revealed, as that will take care of bitcoin purchased by the city, and receipts from tax payments.

Additionally, it is still undisclosed whether rio will seek assistance for the processing of Bitcoin payments from a specific service provider.

Finally, paes also failed to mention whether he intends to follow in the footsteps of suarez to create rio's own cryptocurrency in the future.

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