The mayor of Rio de Janeiro plans to invest 1% of the city budget in bitcoin
Mayor Eduardo Paez announced a plan to invest 1% of the city’s treasury in bitcoin at the Innovation Week conference in Rio, during a conversation with Miami Mayor Francis Suarez.
“We are going to launch Crypto Rio and invest 1% of the budget in bitcoin,” said Paes.
Paez stated that while Miami positions itself as the U.S. cryptocurrency hub, Rio aims to become the South American center of the digital asset industry.
“Rio de Janeiro has what it takes to be the tech capital of South America. Events such as the Innovation Week in Rio de Janeiro are designed to reinforce the city’s image as an ideal place to work, live and innovate,” he added.
It is important to note that Rio’s economy is one of the largest in the Latin American region and one of the fastest growing in the world.
In addition to investing in bitcoin, Mayor Páez has announced plans to provide a 10% tax rebate with bitcoin. Last year, the mayor of Miami announced similar intentions.
In November 2021, Congressman Luis Gularte Alves proposed a bill allowing public and private sector workers to be paid in bitcoin.