Rio de Janeiro wants 1% of reserves in BTC

The mayor of the Brazilian city of Rio de Janeiro wants to invest 1% of municipal reserves in bitcoin. He also wants to offer tax benefits to residents who pay municipal taxes with bitcoin. Mayor Paes wants to transform the city into ‘Crypto-Rio’.

?ǣWe are going to launch Crypto-Rio and invest 1% of the treasury in crypto ,?ǥ Mayor Eduardo Paes said during Rio Innovation Week, news site Globo reported. Paes unveiled his plans along with Miami Mayor Francis Suarez, who has been working for some time to turn Miami into a bitcoin hotspot.

Finance Secretary Pedro Paulo added that they are also considering a discount on municipal taxes for citizens who pay with bitcoin. ?ǣWe are exploring the possibility of paying taxes with an additional discount if you pay with bitcoins. You take the discount of a single quota of 7%, which would be 10% if you pay in bitcoin ,?ǥ said Paulo.

The Secretary of Economic Development and Innovation Chic??o Bulh??es believes that this will make Rio de Janeiro a pioneering city. The developments are an extension of the aim to transform the city into a technology hub. It is not yet known when the plans will be followed up. The legal frameworks still need to be examined first.

trend

It seems to be a new trend among cities to attract the bitcoin sector. It started with Mayor Suarez of Miami, who regularly speaks positively about bitcoin and wants to provide a favorable business climate for the bitcoin sector in Miami. He is working on being able to pay civil servants’ salaries in bitcoin and has already had his own salary converted to bitcoin. He also wants to invest in bitcoin with municipal reserves, although legislation does not allow this for the time being.

The publicity earned Miami a $135 million sponsorship deal, an annual bitcoin event, and several high-net-worth bitcoin companies set up shop in the city.

In November, New York City Mayor Eric Adams announced that he would be competing with Miami. He promised to make New York “a center of bitcoins” and to lower barriers for the bitcoin sector. He also has his first three salaries converted to bitcoin.

Similar plans are also being made in Jackson in the American state of Tennessee. Mayor Scott Conger is also exploring the possibility of paying civil servants’ salaries in bitcoin and he is considering bitcoin mining from the municipality, with the proceeds placed on the municipal balance sheet.

El Salvador is betting on bitcoin at a national level and the American state of Texas is also enthusiastic about bitcoin.

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