Rio de Janeiro will convert 1% of its reserves into cryptocurrencies

Rio de Janeiro could buy cryptocurrencies

The mayor of Rio de Janeiro, Eduardo Paes, pledged to invest 1% of the city’s public treasury in cryptocurrencies, according to the Brazilian media O Globo. During the Rio Innovation Week, the representative of the Brazilian city said:

We will launch Crypto Rio and invest 1% of the public treasury in cryptocurrencies. »

Pedro Paulo, finance secretary, explained during the event that Rio de Janeiro was studying the possibility to accept payments in BTC for property tax. Residents opting for this means of payment will benefit from a discount.

The Urban Property Tax (IPTU) is a property tax in Brazil collected by local municipalities. It is paid annually by the owner of a house, building or land. If Rio de Janeiro succeeds in its project, it will become the first Brazilian city to hold cryptocurrencies on its balance sheet.

Miami as an example?

In February 2021, the City of Miami passed a proposal to judge whether to place part of the city’s reserves in BTC. Miami Mayor Francis Suarez, who is particularly fond of Bitcoin, said at the time that he wanted to allocate 1% of city reserves in bitcoin. However, Miami has still not formalized this project.

Francis Suarez chose toreceive your salary in Bitcoin rather than in dollars. He is the first American politician to be paid in cryptocurrency. He also intends to allocate part of his retirement savings to BTC.

At the end of 2021, the administration of the city of Miami also offered $100 worth of Bitcoin to a handful of students . They also received $100 from MiamiCoin, the city’s own cryptocurrency.

👉 To read on the same subject: The mayor of Miami will allocate part of his retirement savings to Bitcoin (BTC)

About the Author :Florent David


Engaged in the crypto ecosystem since 2017. I am particularly interested in decentralized finance (DeFi), Ethereum 2.0 and non-fungible tokens (NFTs).
All articles by Florent David.

Free subscription

Sing up for the weekly email from Coinews that makes reading the news actually enjoyable. Join us for free

Latest stories

You might also like...