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Known for its famous “Copacabana”, Rio de Janeiro is putting 1% of its city reserves to Bitcoin (BTC). City mayor Eduardo Paes, announced his plans to turn the city into a cryptocurrency innovation hub, “Crypto Rio”.
According to reports, the city is working to convert at least 1% of its treasury in cryptocurrency. Paes said that “the government has a role to play” in the cryptocurrency market.
Speaking about cryptocurrencies during the Rio Innovation week on together with the mayor of Miami, Francis Suarez, another Bitcoin supporter making his city Bitcoin friendly, Paes said:
“We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency”.
City finance secretary Pedro Paulo added that they are also considering a 10% discount for citizens that will pay their property taxes in Bitcoin. He said:
“We are studying the possibility of paying taxes with an additional discount if you pay with Bitcoins.
You take the discount of the single quota of 7%, it would be 10% if you pay in Bitcoin.
Let’s study the legal framework so that we can do that.”
While a lot of eyes are on nation states to be adopting Bitcoin and making it legal tender just like El Salvador, cities such as Miami and Rio have a role to play and could become key drivers pushing national jurisdiction to follow its “pilot studies”.