HomeCrypto NewsBitcoinThe mayor of Rio de Janeiro wants to invest 1% of the budget of...

The Mayor of Rio de Janeiro wants to invest 1% of the City's budget in Bitcoin

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Eduardo Paes is looking to invest 1% of the reserves of the City of Rio de Janeiro's budget in bitcoin.

Eduardo Paes — the mayor of Rio de Janeiro — plans to allocate 1% of the city's budget to bitcoin.

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If he does, Rio de Janeiro will become the first Brazilian city to buy cryptocurrency as a store of value.

Rio jumps into BTC 

Mayor Eduardo Paes presented his plan at “Rio Innovation Week” when he discussed the topic in a speech with Miami Mayor Francis Suarez.

“We are going to launch Crypto Rio and invest 1% of our budget in bitcoin,” said Paes.

The 52-year-old member of the Brazilian Social Democratic Party praised Suarez's efforts in making Miami a crypto hub.

At the same time he is willing to study the idea of ​​putting 1% of his city budget reserve in bitcoin.

Eduardo Pais

While Miami has positioned itself as the crypto hub of the United States, Rio aims to become the crypto hub of South America, Paes asserted:

“Rio de Janeiro has everything it takes to be the tech capital of South America. Events such as “Rio Innovation Week” take place to strengthen the image of the city as the perfect place to work, live and innovate. ”

The adoption of bitcoin can be seen as a big step towards the development of cryptocurrency as Rio de Janeiro is the financial center of Brazil.

The city's economy is also one of the largest in Latin America and one of the fastest growing globally.

In keeping with bitcoin investing, mayor Paes is looking to reduce taxes by 10% when paying with Bitcoin.

Last year, the leader of the city of Miami expressed similar intentions when he said that he would allow residents to pay taxes in BTC instead of US dollars.

Brazilian government employees receive salary in BTC

Eduardo Paes is not the first Brazilian politician to express sympathy for cryptocurrencies. In November 11, Congressman Luiz Goularte Alves proposed a bill that would allow government and private sector employees to be paid in bitcoin.

“This law stipulates that part of the employee’s remuneration, at will, can be done through cryptocurrency,” 

Under the bill, employees will be able to choose exactly what percentage of their salary they want in crypto and fiat money. The employer must agree to the proposal.

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