Eduardo Paes, the mayor of Rio de Janeiro, Brazil, plans to allocate 1% of the city’s reserves to bitcoin. If he really takes action, Rio will become the first Brazilian city to buy this major cryptocurrency as a store of value.
The mayor of Rio is about to jump on the bitcoin bandwagon.
Mayor Eduardo Paes unveiled his plans at an event called “Rio Innovation Week.” During one of his presentations, he broached the subject with the mayor of Miami (who is also more than a fan of bitcoins) Francisco Suarez. Paes said bluntly:
“We will launch Crypto Rio and invest 1% of the city’s money in bitcoin.”
A 52-year-old member of the Brazilian Social Democratic Party praised Suarez’s efforts to make Miami a cryptocurrency hub. So while Miami has decided to become a hub for cryptocurrencies in the United States, Rio also wants to become the hub of the digital asset industry in the South American region.
“Rio de Janeiro has what it takes to become the technological capital of South America. Events like Rio Innovation Week reinforce the city’s image as a great place to work, live and innovate. »
The eventual adoption of bitcoin is seen as the next big step in the development of the leading cryptocurrency, with Rio de Janeiro being the financial heart of Brazil. Its economy is also one of the largest in the Latin American region and one of the fastest growing economies in the world.
In line with investing in bitcoin, Mayor Paes wants to grant a 10% tax break when paying for this leading digital asset. Last year, the ruler of Miami displayed a similar mindset when he said he wanted to allow city residents to pay their taxes in BTC instead of US dollars.
Brazilian officials will receive their salaries in BTC
Eduardo Paes is not the first Brazilian politician to express sympathy for the leading cryptocurrency. In November 2021, deputy Luiz Goularte Alves proposed a law that would allow public and private sector employees to receive their salaries in bitcoins. The first words of the proposal were:
“This bill establishes that part of an employee’s remuneration can optionally be paid through cryptocurrencies. »
Under the bill, employees would be able to choose exactly what percentage of their salary they want to receive in cryptocurrency and what percentage in fiat currency. However, the employer must also accept the proposal.
As a fan of cryptocurrencies, I love that more and more investors and companies, not to mention countries, are getting involved in cryptocurrencies. This is just one more proof that crypto works, and I wouldn’t be surprised if more cities join us. By the way, remember the Salvadoran president’s prediction that at least two more countries will adopt bitcoin this year? And if one of them were Brazil, how much would that affect the cryptocurrency market?
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