Rio de Janeiro seeks to Invest 1% of Treasury into Bitcoin

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Mayor of Rio de Janeiro looks to Allocate a part of the City’s Treasury into BTC

Written by Aaron S.,

Editor-In-Chief

Last Updated: January 14, 2022

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Mayor of Rio de Janeiro looks to Allocate a part of the City’s Treasury into BTC

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One of the major cities in Brazil is set out to direct 1% of its treasury money into Bitcoin, according to the Mayor of Rio de Janeiro Eduardo Paes.

The Latin American crypto market has had a major expansion in the past months, with countries like Mexico, Argentina, and Paraguay integrating crypto support and pulling in blockchain companies.

According to the report by Globo, at the Rio Innovation Week conference, held between January 13th and January 16th, Mayor of Rio de Janeiro Eduardo Paes talked about the city’s ventures into the crypto world.

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While speaking with another crypto advocate and mayor of Miami Francis Suarez, Paes mentioned that they’ll be instigating the Crypto Rio project by directing "1% of the treasury in Bitcoin."

Alongside putting a portion of the city’s treasury into crypto, the mayor announced that they’ll be "studying a framework" that will give a 10% tax relief for those who pay in Bitcoin.

It seems that the mayor of Rio de Janeiro will be trying to follow the footsteps of Francis Suarez who recently announced that he will be seeking to turn Miami into a large tech hub and attract large crypto investors.