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Rio de Janeiro mayor plans to invest 1 per cent of the city’s treasure reserves in cryptocurrency

Rio's Secretary of Finance and Planning Pedro Paulo told O Globo that the city is also looking into offering a discount of 10 per cent on property taxes paid with bitcoin.

Cryptocurrency — digital money not backed by any nation — is famous for its wild and frequent gyrations. (Reuters)

The mayor of Rio de Janeiro Eduardo Paes intends to invest a slice of the of the city’s treasury reserves in cryptocurrency. According to a report by Brazil’s newspaper O Globo on Thursday, Paes is also set to establish a working group in that regard.

The Brazlian Mayor was speaking at the Rio Innovation Week event at a panel with Miami mayor Francis Suarez, and said: “We are going to launch Crypto Rio and invest 1 per cent of the treasury in cryptocurrency.”

Pedro Paulo, Rio’s Secretary of Finance and Planning  told O Globo that the city is also looking into offering a discount of 10 per cent on property taxes paid with Bitcoin.

Meanwhile, residents of US beach city Miami may soon get cryptocurrency MiamiCoin in their crypto wallets for free. Miami city mayor Francis Suarez announced on Twitter that the city will share some of the gains from the city’s cryptocurrency with all its citizens and will distribute payments through digital wallets.

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The Miami mayor plans to make the Florida capital a new centre of digital finance. Suarez is also working on a plan to pay city officials in cryptocurrency. Earlier this month, New York city’s new mayor-elect Eric Adams and Miami Mayor Suarez have announced to take their paycheques in Bitcoin.

He told Bloomberg in October that his city will advance a plan to pay city workers in Bitcoin. He also said he wants the state of Florida to allow Miami to hold Bitcoin on its balance sheet. Bitcoin and some other cryptocurrencies are legal in the US, and El Salvador is the first country to adopt it as a legal tender.

In other news, at least two American mayors— New York city’s new mayor-elect Eric Adams and Miami mayor Suarez announced to take their paycheques in Bitcoin. The new mayor-elect of New York City also has big goals to give the cryptocurrency industry and wants NYC to be the center of the cryptocurrency industry.

First published on: 15-01-2022 at 06:30:00 pm
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