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Rio De Janeiro to Allocate 1% of Treasury Reserves to Crypto: Report
The Brazilian city also plans to give discounts on tax payments made with bitcoin.
The mayor of Rio de Janeiro said Thursday he plans to allocate 1% of Brazil's second-most populous city's treasury reserves to cryptocurrencies, according to a Globo report.
- "We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency," Mayor Eduardo Paes said at the Rio Innovation Week.
- According to Pedro Paulo, Rio de Janeiro's finance secretary, the city plans to apply discounts to tax payments made with bitcoin. "You take the single quota discount of 7%, it would make 10% if you pay in bitcoin," Paulo said, adding that the administration needs to study the legal framework.
- Miami Mayor Francis Suarez also spoke at the event, and discussed the challenges in transforming cities into technological hubs. In February, Suarez told CoinDesk he plans to place a portion of Miami's treasury in bitcoin.
STORY CONTINUES BELOW
Read more: Miami Mayor Suarez to Take Next Paycheck in Bitcoin
CORRECTION (Jan. 14, 14:08 UTC): Replaces references to bitcoin in headline, first paragraph and first bullet with the more general cryptocurrencies.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
