Brazilian city Rio de Janeiro plans to invest a small percentage of its treasury reserves in Bitcoin.
Key Takeaways
- Rio de Janeiro intends to invest 1% of its treasury reserves in Bitcoin, Mayor Eduardo Paes revealed Thursday.
- The city also plans to introduce additional discounts for property taxes paid in Bitcoin.
- Today, Rio is expected to publish a decree establishing a working group that would handle the issues concerning the Bitcoin investments.
At the Rio Innovation Week, Mayor Eduardo Paes spoke on how he wants to transform Rio de Janeiro into a cryptocurrency hub. This plan is set to include holding small amounts of treasury reserves in Bitcoin.
First Brazilian City to Hold Crypto in Treasury
Rio de Janeiro is expected to become the first Brazilian city to hold Bitcoin reserves.
Speaking at the Rio Innovation Week conference on Thursday, Mayor Eduardo Paes announced that Rio de Janeiro plans to invest 1% of its treasury reserves in Bitcoin; Brazilian publication O Globo broke the nesws the same day.
The mayor spoke on a panel alongside his American colleague Miami Mayor Francis Suarez. He said, “We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency.”
Mayor Suarez announced a similar move for the city of Miami last year. In a January FOX Business interview, he said, “We are looking at the possibility of diversifying our investment portfolio and having and holding a percentage of our investments in Bitcoin.” Miami never proceeded with that plan but instead launched its own coin—dubbed MiamiCoin—in August last year.
Following in Miami’s footsteps, Rio now wants to become the next technological and cryptocurrency hub in South America. Speaking of this at the conference, Mayor Paes said:
“Rio de Janeiro has everything it takes to become the tech capital of South America. Events like the Rio Innovation Week come to strengthen the city’s image as the perfect place to work, live, and innovate.”
According to Rio’s Finance Secretary Pedro Paulo and Secretary of Economic Development, Innovation, and Simplification, Chicão Bulhões, the city’s administration has also considered offering additional discounts for tax payments paid in Bitcoin. Today, residents of Rio already enjoy a 7% discount on property taxes, but according to the new rules, that discount could be as much as 10% if paid with Bitcoin. According to the representatives, the goal of the tax incentive is to entice crypto companies from the region to migrate to Rio.
Rio de Janeiro is expected to publish a decree later today establishing a working group that would handle all of the issues surrounding the city’s intended Bitcoin purchases.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
Miami Mayor Reveals Plans for “Bitcoin Yield” to Residents
Francis Suarez, Mayor of Miami, suggested in an interview this morning that a “Bitcoin yield” for city residents may soon be on the way. The initiative is part of Suarez’s…
Miami Mayor Will Accept Next Paycheck in Bitcoin
Miami mayor Francis Suarez has committed to taking his next paycheck in Bitcoin along with other city workers. Suarez Will Be Paid in Bitcoin In a Twitter comment today, Suarez…
Miami Mayor Keen to Invest City’s Treasury Reserves in Bitcoin
Miami Mayor Francis Suarez is considering allocating a portion of the city’s treasury reserves into Bitcoin. He wants to turn Miami into the country’s friendliest crypto city. Miami Mayor Warms…
How to Profit From Market Volatility Using Linear and Inverse Contract…
Perpetual contracts are agreements between buyers and sellers with no specific expiry date, unlike other types of similar contracts such as options or futures. It is for the buyer and…
Brazil’s Stock Exchange Will List an Ethereum ETF
Ethereum gets an ETF listing in Latin America. QR Capital Approved for Ethereum ETF An Ethereum ETF is set to go live on Brazil’s stock exchange. Crypto investment firm QR…
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
Apple iPhone 16, US Version, 128GB, Black - Unlocked (Renewed)
$734.97 (as of December 15, 2024 19:03 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Rain-X 5079281-2 Latitude 2-In-1 Wiper Blades, 26 Inch Windshield Wipers (Pack Of 1), Automotive Replacement Windshield Wiper Blades With Patented Rain-X Water Repellency Formula
$15.78 (as of December 15, 2024 19:32 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
TOSY Flying Ring - 16 Million Color RGB or 12 LEDs, Super Bright, Lost Mode, Auto Light Up, Safe & Soft, Waterproof, Lightweight Frisbee, Birthday, Camping & Outdoor/Indoor Gift Toy for Boy/Girl/Kid
$15.99 (as of December 15, 2024 19:32 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
The Woobles Beginners Crochet Kit with Easy Peasy Yarn as seen on Shark Tank - with Step-by-Step Video Tutorials - Kiki The Chick
$34.95 (as of December 15, 2024 19:10 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
