Science

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)

Newsletter 🍞

Get a crypto news roundup every Sunday 👌 And that’s it.

What you need to know about affiliate links. This page presents assets, products or services related to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused by the use of a good or service highlighted in this article. Investments related to crypto assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.

About the author: Florent David

twitter-divinodatatwitter-divinodata

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.

Business Consulting Nulled, WeaPlay, Elementor Pro Weadown, PHP Script, Slider Revolution Nulled, Newspaper – News & WooCommerce WordPress Theme, Avada 7.4 Nulled, Fs Poster Plugin Nulled, Wpml Nulled, Elementor Pro Weadown, Flatsome Nulled,Woodmart Theme Nulled, Jannah Nulled, WordPress Theme, Astra Pro Nulled, Rank Math Seo Pro Weadown, Yoast Nulled, Dokan Pro Nulled, Nulledfire, Wordfence Premium Nulled, Woodmart Theme Nulled, Consulting 6.1.4 Nulled, Jnews 8.1.0 Nulled, Premium Addons for Elementor, Plugins, PW WooCommerce Gift Cards Pro Nulled, WP Reset Pro, Woocommerce Custom Product Ad, Newspaper 11.2

Back to top button