Rio de Janeiro will convert 1% of its reserves into cryptocurrencies

Rio de Janeiro could buy cryptocurrencies

Rio de Janeiro Mayor Eduardo Paes has pledged to invest 1% of the city’s public treasury in cryptocurrencies, according to Brazilian outlet O Globo. During the Rio Innovation Week, the representative of the Brazilian city said:

“We are going to launch Crypto Rio and invest 1% of the public treasury in cryptocurrencies. »

Pedro Paulo, Secretary of the Treasury, explained during the event that Rio de Janeiro was studying the possibility of accepting payments in BTC for the property tax. Residents who opt for this method of payment will benefit from a discount.

The Urban Property Tax (IPTU) is a property tax in Brazil collected by local municipalities. It is paid annually by the owner of a house, building or land. If Rio de Janeiro is successful in its project, it will become the first Brazilian city to have cryptocurrencies on its balance sheet.

Miami as an example?

In February 2021, the city of Miami approved a proposal to judge whether to place a portion of the city’s reserves in BTC. Miami Mayor Francis Suarez, who is particularly fond of bitcoin, said at the time that he wanted to allocate 1% of the city’s reserves to bitcoin. However, Miami has not yet formalized this project.

Francis Suárez chose to receive his salary in Bitcoin instead of dollars. He is the first American politician to be paid in cryptocurrency. He also intends to put some of his retirement savings into BTC.

In late 2021, the Miami city administration also offered $100 worth of Bitcoin to a handful of students. They also received $100 worth of MiamiCoin, the city’s own cryptocurrency.

👉 To read on the same topic: The mayor of Miami will allocate part of his retirement savings to Bitcoin (BTC)

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About the author: Florent David


Involved in the crypto ecosystem since 2017. I am particularly interested in decentralized finance (DeFi), Ethereum 2.0 and non-fungible tokens (NFT).
All articles by Florent David.

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