Rio de Janeiro invests 1% of its cash back in cryptocurrencies

Brazil's largest city, Rio de Janeiro, will invest part of its revenue in cryptocurrencies. Mayor Rio Eduardo Paes presents at Rio Innovation Week. According to media reports, the plan would turn the city into an urban cryptocurrency and do so through more tax laws.

Invest in cryptocurrency

According to a statement by President Eduardo Paes, Brazil's largest city, Rio de Janeiro, will invest some of its money in cryptocurrency investments. The mayor announced it in an interview with the mayor of Miami during Rio Innovation Week, an event for the renewal of the city.

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We return 1% of our money to invest in cryptocurrencies.

The City of Miami will also announce the Miamicoin cryptocurrency, which it says will create options while providing additional tax incentives for investors. He says:

We create opportunities for innovation. Many cities in the United States raise taxes and we lower them. We are at the forefront of innovation and invite many innovators here.

Tax incentives and policies

After Miami, Paes also plans to introduce tax incentives for bitcoin payments. The financial regulator said it decided to reduce the tax rate by 10% for citizens paying with bitcoins. He said that it is necessary to study the rules that are beneficial for cryptocurrencies.

The secretary of the business development and innovation team said that these tax incentives would attract more cryptocurrency businesses. He says:

We launched the pilot project and approved a 2% discount in the Porto region to accommodate investments.

The country tabled its latest bill in the Senate this year. Aureo Ribeiro, the back bill, said the bill would allow Bitcoin mining in Brazil.