Rio De Janeiro to Invest 1% of Its Treasury in Cryptocurrency

Rio de Janeiro, 1 of the largest cities successful Brazil, volition put portion of its Treasury successful cryptocurrencies. The announcement was made by the politician of Rio, Eduardo Paes, during Rio Innovation Week. The program is to crook the metropolis into a cryptocurrency-friendly hub, and determination are different taxation incentives that volition besides beryllium enactment successful spot to execute this objective, according to reports.

Rio De Janeiro to Invest successful Cryptocurrency

Rio de Janeiro, 1 of the biggest cities successful Brazil, volition reportedly enactment immoderate of its funds into cryptocurrency investments, according to statements from politician Eduardo Paes. The politician made the announcement during a associated lecture with the politician of Miami, Francis Suarez, astatine the Rio Innovation Week, an lawsuit that deals with the modernization of the city.

Paes declared:

We are going to motorboat Crypto Rio and put 1% of the Treasury successful cryptocurrency.

Suarez, who besides launched Miamicoin, a cryptocurrency for the metropolis of Miami, stated this aforesaid improvement successful Miami created opportunities for investors portion offering crypto taxation incentives. He declared:

We created a tsunami of opportunity. Many cities successful the United States were raising taxes, and we lowered them. We understood that we could beryllium astatine the forefront of innovation and we invited creators here.

Tax Incentives and Regulation

Following successful the footsteps of Miami, Paes is besides readying to found taxation incentives and discounts for users who wage with bitcoin. Finance Secretary Pedro Paulo explained they are looking into offering a 10% discount for users paying definite taxes with bitcoin. However, helium besides stated that survey of regulations to use these changes efficaciously is necessary.

Chicão Bulhões, caput of the economical improvement and innovation team, stated that these taxation incentives were focused connected attracting much companies progressive with cryptocurrency from different regions of the country. Bulhões remarked:

We already person taxation incentives approved, we already person a percent of 2%, and we privation to absorption a batch connected the Porto portion for the accomplishment of these caller actors arsenic well.

Regulation of cryptocurrency successful the state is an ongoing matter, with a caller measure being approved for treatment by the Senate this year. The bill, identified arsenic 2.303/15, could marque bitcoin currency successful Brazil arsenic its main proposer, Deputy Aureo Ribeiro, stated past year.

What bash you deliberation astir Rio de Janeiro investing successful cryptocurrency? Tell america successful the comments conception below.

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