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

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

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.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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