The mayor of Rio de Janeiro intends to invest 1% of the city treasury in bitcoin

Rio de Janeiro Mayor Eduardo Paes intends to invest 1% of the city treasury in bitcoin. This is reported by the major Brazilian publication O Globo with reference to Paes' statement made during the city Innovation Week.

During a panel discussion with Miami Mayor Francis Suarez , Paes stated:

"We will launch Crypto-Rio and invest 1% of the treasury in bitcoin."

At the same time, he promised to assemble a working group on investing in bitcoin. Rio de Janeiro can also offer reduced property taxes when paying with bitcoin.

Pedro Paulo, in charge of finance and planning in Rio de Janeiro, said:

"We are exploring the possibility of paying taxes with a decreasing coefficient, provided that bitcoin is used. Let's study the legal basis for this."

If successful, Rio de Janeiro will become the first city in Brazil to hold bitcoin in its reserves. Last year, Suarez announced his intention to invest part of Miami's budget in bitcoin, but has not yet done so.