Brazilian mayor to reportedly invest 1% of city reserves in Bitcoin

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Eduardo Paes, mayor of Brazilian metropolis Rio de Janeiro, needs to allocate 1% of the town’s treasury into Bitcoin (BTC), Cointelegraph Brazil reported.

Paes reportedly introduced plans for “Crypto Rio,” or turning the town right into a cryptocurrency hub throughout Rio Innovation Week on Thursday, according to a report by native information company O Globo.

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The mayor spoke about Rio’s cryptocurrency-related ambitions in a panel with Miami mayor and Bitcoin bull Francis Suarez, who began accepting his paychecks in BTC in November 2021.

“We’re going to launch Crypto Rio and make investments 1% of the treasury in cryptocurrency. The federal government has a task to play,” Paes reportedly mentioned, including that the state can also be planning to introduce tax exemptions for the trade.

The panel additionally included main Brazilian officers like metropolis finance secretary Pedro Paulo, who famous that the administration is contemplating a ten% low cost on property tax in Brazil on funds with Bitcoin. “Let’s research the authorized framework to do that,” he mentioned.

Associated: ‘Mecca of mining’: Brazil considers zero tax on green Bitcoin mining

The information comes because the Brazilian authorities more and more warms its stance on Bitcoin and the cryptocurrency trade, with federal deputy Luizão Goulart proposing a invoice to legalize crypto as a payment methodology for private and non-private sector staff in November. In December, MercadoPago, a significant crypto cost agency in Brazil, enabled Brazilian residents to purchase, promote and maintain main cryptocurrencies like BTC and Ether (ETH).