Rio de Janeiro announces creation of the cryptocurrency “Rio Crypto”

In a publication made by the city of Rio de Janeiro this Friday (14), the creation of its own cryptocurrency was announced. Rio de Janeiro started flirting with Bitcoin a few months ago, when the possibility of creating a cryptocurrency zone in the city began to be aired by the government.

But last Thursday (13), the mayor of Rio de Janeiro confirmed that he will buy Bitcoin for the city’s reserve, making this clear in a conversation with the mayor of Miami, Francis Suarez.

In Brazil, this is the first Bitcoin purchase move announced by a city, as well as the payment of taxes. But much more must happen in the wonderful city.

Rio de Janeiro prepares to build its own cryptocurrency, CityCoin called “Rio Crypto”

This Friday, as promised by the mayor of Rio, a decree was published for the creation of the Working Group that will create the city’s cryptocurrency strategy.

Rio de Janeiro's Official Gazette reflected the creation of the city's cryptocurrency
Official Gazette of Rio de Janeiro reflected the creation of the city’s cryptocurrency / Reproduction

Attentive to innovations, a conversation in connection with Miami now puts Rio de Janeiro in the crosshairs of the cryptocurrency community, the first Latin American metropolis to move in this path.

But another novelty that Rio de Janeiro is preparing for its population is the creation of its own cryptocurrency, which will be called “Rio Crypto”. The expectation, according to the city’s official publication, is that the working group will deliver the results within 90 days.

“Crypto Rio, Rio de Janeiro’s digital currencies will also be able to help expand resources for strategic projects in the city. The experts will also assess the possibility of the municipality making Treasury investments in cryptocurrencies. The results of the studies will be released by the Working Group within 90 days from the publication of the decree.”

How is the decree published by the city of Rio?

THE livecoins consulted the Rio Decree No. 50145 of January 13, 2022 to better understand what this “Act of the Mayor” said on the subject.

In the content, Eduardo Paes considered that there were national and international technological and economic advances resulting from blockchain technologies. These advances took place as means of payment and creation of digital assets and currencies, which can help boost the economy and finance of cities like Rio de Janeiro, which seek to expand their innovation and financial market.

Eduardo Paes also considered that these technologies can improve the way the city deals with financial resources and strategic public spending. The cryptocurrency “Rio Crypto”, for example, is expected to develop a more mature financial innovation ecosystem in the city.

A working group was created from this official publication to assess the conditions of implementation of this innovation framework with Bitcoin. The folders that will make up this group have up to seven days to present their two representatives.

Despite having a deadline of up to 90 days to present a proposal, the group may publish more information to complement the decree. In any case, the moment for Bitcoin adoption has arrived in Rio de Janeiro.

“It provides for the creation of a Working Group to undertake studies, carry out analyzes and propose actions and projects related to the development of a market for digital currencies, means of payment, blockchain technologies, aimed at boosting the local economy in this segment, optimizing instruments financial and fiscal aspects of the City Hall and obtaining revenue for the Municipality of Rio de Janeiro.”

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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