Rio de Janeiro’s Mayor to Invest 1% of The City’s Treasury in Bitcoin

Eduardo Paes, the mayor of Rio de Janeiro, plans to allocate 1% from the city’s Treasury to bitcoin. The megapolis would be the first Brazilian city that has purchased the primary cryptocurrency to store its value if he proceeds.

Rio to Jump on the BTC Bandwagon

At Rio Innovation Week, Mayor Eduardo Paes shared his plans with Francis Suarez, the bitcoin-loving mayor in Miami.

Paes stated, “We are going launch Crypto Rio” and will invest 1% in bitcoin.

Brazil’s Social Democratic Party member, 52 years old, praised Suarez for his efforts to make Miami a cryptocurrency capital. He previously stated that he was open to the idea of investing 1% of his city’s Treasury reserves into bitcoin.

Paes stated that Miami has been positioned as the crypto center of the USA. Rio, however, aims to be the South American hub in the digital asset sector.

Rio de Janeiro is the South America’s tech capital. Rio Innovation Week is a great way to show that Rio de Janeiro is a place where you can live, work and innovate.

Possible bitcoin adoption is a significant step towards the development of the primary cryptocurrency. Rio de Janeiro, Brazil’s financial center, is where Bitcoin adoption could be made. Its economy is one of the most developed in Latin America and the fastest growing globally.

Mayor Paes will offer a 10% discount on taxes for bitcoin-related investments. Miami’s leader last year stated similar intentions, saying that he would allow residents of the city to pay their taxes in Bitcoin instead of US dollars.

Eduardo Paes, Source: RioOnWatch

Brazil’s Government Workers to Get Salaries in BTC

Eduardo Paes isn’t the only Brazilian politician to show sympathy for the primary cryptocurrency. Luiz Goularte Allves, a congressman from Brazil, proposed a bill that would allow workers in the public and private sectors to receive bitcoin payments.

The proposal’s first line read, “This Law establishes the possibility that a portion of the worker’s remuneration can, optionally,”

The bill would allow employees to choose which percentage of their salary they wish to be paid in crypto or fiat currencies. The motion must be approved by the employer.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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