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Brazilian Mayor To Purportedly Invest One Percent Of City Reserves In BTC

Rio de Janeiro mayor Eduardo Paes talked about BTC with Miami mayor and Bitcoin bull Francis Suarez at Rio Innovation Week.

Eduardo Paes, mayor of Brazilian city Rio de Janeiro, is looking to allocate one percent of the city’s treasury into Bitcoin, as per crypto media outlet Cointelegraph Brazil.

Paes purportedly declared plans for “Crypto Rio,” or turning the city into a digital asset hub during Rio Innovation Week on Thursday, as per a recent report by local news agency O Globo.

The mayor spoke about Rio’s virtual asset-related ambitions in a panel with Miami mayor and Bitcoin bull Francis Suarez, who began accepting his paychecks in terms of Bitcoin in the month of November, last year.

Paes purportedly mentioned,

“We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency. The government has a role to play.”

He further added that the state is also planning to introduce tax exemptions for the domain.

The development comes out as the Brazilian government progressively warms its stance on Bitcoin and the digital asset industry, with federal deputy Luizão Goulart suggesting a bill to legalize virtual currencies as a payment method for public and private sector workers in the month of November last year. In the month of December last year, MercadoPago, a key digital asset payment firm in Brazil, enabled Brazilian natives to purchase, sell and hold key virtual currencies like Bitcoin and Ether.

Image by Jose Guertzenstein from Pixabay

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