The mayor of Rio de Janeiro – one of the largest cities in Brazil – is planning to allocate a portion of it’s treasury reserves into cryptocurrencies. This declaration was made during Rio Innovation Week, when Mayor Eduardo Paes announced that, “We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency.”
With the aim of targeting for a crypto-friendly environment, Rio’s Secretary of Finance and Planning Paulo, also stated that some other incentives for this initiative include offering of discounts on tax payments made with bitcoin: “You take the single quota discount of 7%, it would make 10% if you pay in bitcoin,” Paulo clarified.
Rio De Janeiro Investing Into The Crypto Craze
As NDTV informs, this was announced in a decree published Friday, where Rio mayor Eduardo Paes informed us of the creation of a working group to study ways to incentivize the use of crypto and boost the city economy. The move alleged comes in as part of a larger bid to turn the city into Brazil’s capital in cryptocurrencies.
Regarding the tax incentives, Chicão Bulhões, secretary of the economic development and innovation team elaborated that the discounts were introduced to promote the growth of companies working in the crypto space within this city, and to attract crypto businesses from other regions of the country.
The report claimed that in the future, digital money may be used to fund city projects as well. The working group mentioned before is set to publish the results of its study in 90 days.
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Miami’s Mayor Suarez Plans To Make Florida Their Crypto Hub
In the midst of all this, US beach city Miami‘s mayor, Francis Suarez, also publicized his intentions to introduce cryptocurrency tax incentives that will generate plenty of opportunities for investors, “We created a tsunami of opportunity. Many cities in the United States were raising taxes, and we lowered them. We understood that we could be at the forefront of innovation and we invited creators here,” he tweeted.
Mayor Suarez also informed of his plans to share Miami’s gains from the city’s cryptocurrency with its residents, perhaps by way giving away the MiamiCoin cryptocurrency to their crypto wallets for free; to give a bit of background MiamiCoin is a cryptocurrency that went live last year, and as the first CityCoin to market in June 2021 (as per CoinMarketCap). Earlier this month, Francis Suarez, much like NYC’s new mayor Eric Adams, also proclaimed that he will be taking his paycheques in Bitcoin form.
In February last year, Mayor Francis Suarez had reported to CoinDesk that he plans to place a portion of Miami’s treasury in bitcoin as well. And amidst the event that disclosed Rio De Janeiro’s recent advancements towards adopting the crypto world, Mayor Suarez also shed light on some of the trials and tribulations that cities working to transform into tech hubs face in their journeys to achieve this goal.