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January 17, 2022
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Major City Investing One-Percent of Its Treasury in Crypto, Mulling Possible Bitcoin Tax Discount

Another main metropolis is leaping headfirst into the world of crypto by investing in the digital area and proposing reductions for residents paying taxes in Bitcoin (BTC).

Rio de Janeiro, the South American metropolis of nearly 7 million folks, now plans to speculate 1% of its treasury funds into crypto.

According to Brazilian newspaper O Globo, Rio de Janeiro mayor Eduardo Paes introduced the brand new funding technique at Rio Innovation Week on Thursday.

Pedro Paulo, Rio’s secretary of finance, says the town might supply reductions to residents who pay their property taxes in Bitcoin.

“We are learning the likelihood of paying taxes with an extra low cost if you happen to pay with Bitcoins.

You take the low cost of the one quota of 7%, it will be 10% if you happen to pay in Bitcoin.

Let’s research the authorized framework in order that we are able to do this.”

Paes spoke on the Rio Innovation occasion with Miami Mayor Francis Suarez, one other mayoral BTC supporter.

Suarez has publicly tried to place Miami as a hub for crypto. The South Florida metropolis’s authorities voted in September to just accept hundreds of thousands of {dollars} generated by MiamiCoin (MIA), the town’s very personal digital asset.

First introduced in June, crypto improvement firm CityCash Inc. launched the decentralized altcoin in August. MIA had generated greater than $21 million in income as of November.

Suarez additionally introduced in November that the South Florida metropolis deliberate to develop digital wallets for customers to obtain Bitcoin funds derived from the MiamiCoin undertaking. Users could have the flexibility to stake their MIA and obtain passive Bitcoin dividend yields from the token, in accordance with the mayor.

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Disclaimer: Opinions expressed at The Daily Hodl will not be funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any loses you might incur are your accountability. The Daily Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Daily Hodl an funding advisor. Please notice that The Daily Hodl participates in affiliate marketing online.

Featured Image: Shutterstock/Supawat Eurthanaboon/Sensvector

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