Mayor of Rio de Janeiro wants to invest city treasury in bitcoin – Money Times

Rio de Janeiro
The city will also be able to offer a discount on urban land and property tax (IPTU) if paid in bitcoin (Image: Unsplash/Agustin Diaz Gargiulo)

The mayor of Rio de Janeiro, Eduardo Paes, intends to invest 1% of the city’s treasury reserves in bitcoin (BTC).

The newspaper O Globo reported the news yesterday (13), citing comments that the mayor made at an Innovation Week event in Rio. Paes was on a panel alongside the mayor of Miami, Francis Suárez, and said: “We will launch ‘ Crypto Rio’ and invest 1% of our treasury in cryptocurrency”.

Paes should also establish a working group on the matter, according to the newspaper’s report.

The city may also offer a discount on urban land and property tax (IPTU), if paid in bitcoin.

Pedro Paulo, the city’s finance and planning secretary, said at the event:

We are studying the possibility of paying taxes at an additional discount if you pay in bitcoin. The discount from the simple rate of 7% of the IPTU becomes 10% if you pay in bitcoin. Let’s study the legal structure to do this.

If the capital of Rio is successful with its plan, it will become the first Brazilian city to have bitcoin on its balance sheet.

Last year, the mayor of Miami also announced his intention to invest the city’s treasury reserves in bitcoin. But he still needs to get on with the plans. In October, Suarez said it is a “high priority” for the city to invest some of its funds in bitcoin.

About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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