Block Chain

Rio de Janeiro Plans to become “Crypto Rio” by Storing Part of its Reserves in Bitcoin

Following in the footsteps of Miami, Brazilian metropolis Rio de Janeiro plans to enter the crypto area by having 1% of its reserves in Bitcoin. - 2022-01-14T180935.564.jpg

Speaking throughout Rio Innovation Week, Mayor Eduardo Paes revealed that the town of Rio de Janeiro is eyeing to make investments half of its Treasury in cryptocurrencies, according to native media outlet O Globo. 

Paes said:

“We are going to launch Crypto Rio and invest 1% of the Treasury in cryptocurrency.”

Plans are additionally underway to have the choice of paying taxes utilizing Bitcoin, in accordance to the town mayor.


Paes was joined by Francis Suarez, the mayor of Miami, in the occasion by way of video name and he highlighted that the reference to Miami was essential in a world of international cities. 


Rio de Janeiro intends to borrow a leaf from Miami in its Bitcoin adoption journey in order that it turns into the tech capital of South America. Paes famous:

“Miami and Rio are global cities, attracting people, businesses, and organizations. This international dialogue is essential.”

He added that occasions like Rio Innovation Week had been strengthening the town’s standing as an ideal place to reside, work, and innovate. 


Rio de Janeiro additionally intends to comply with in Miami’s footsteps by providing tax incentives to tech corporations positioned in Porto Maravalley. 


On his half, Mayor Suarez identified:

“We created a tsunami of opportunity. Many cities in the United States were raising taxes, and we lowered them. We understood that we could be at the forefront of innovation and we invited creators here.” 

Miami has been one of the crypto-friendly cities on American soil. For occasion, in November final yr, the town disclosed plans to distribute Bitcoin yields with residents.


Furthermore, Mayor Suarez revealed that he would become the primary American lawmaker to settle for Bitcoin as wage cost. 

Image supply: Shutterstock

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