Brazilian mayor to reportedly invest 1% of city reserves in Bitcoin

Eduardo Paes, politician of Brazilian metropolis Rio de Janeiro, wants to allocate 1% of the city’s treasury into Bitcoin (BTC), Cointelegraph Brazil reported.

Paes reportedly announced plans for “Crypto Rio,” oregon turning the metropolis into a cryptocurrency hub during Rio Innovation Week connected Thursday, according to a report by section quality bureau O Globo.

The politician spoke astir Rio’s cryptocurrency-related ambitions successful a sheet with Miami politician and Bitcoin bull Francis Suarez, who started accepting his paychecks successful BTC successful November 2021.

“We are going to motorboat Crypto Rio and put 1% of the treasury successful cryptocurrency. The authorities has a relation to play,” Paes reportedly said, adding that the authorities is besides readying to present taxation exemptions for the industry.

The sheet besides included large Brazilian officials similar metropolis concern caput Pedro Paulo, who noted that the medication is considering a 10% discount connected spot taxation successful Brazil connected payments with Bitcoin. “Let's survey the ineligible model to bash this,” helium said.

Related: 'Mecca of mining': Brazil considers zero taxation connected greenish Bitcoin mining

The quality comes amid the Brazilian authorities progressively warming its stance connected Bitcoin and the cryptocurrency industry, with national lawman Luizão Goulart proposing a measure to legalize crypto arsenic a payment method for nationalist and backstage assemblage workers successful November. In December, MercadoPago, a large crypto outgo steadfast successful Brazil, enabled Brazilian residents to buy, merchantability and clasp large cryptocurrencies similar BTC and Ether (ETH).