Friday, January 28, 2022
Home Crypto News Market Following Miami, Brazil City 'Rio de Janeiro' Is Looking To Hold 1%...

Following Miami, Brazil City ‘Rio de Janeiro’ Is Looking To Hold 1% Off City Reserves In Bitcoin And Pay Taxes With BTC

- Advertisement -

According to Mayor Eduardo Paes, Rio de Janeiro is expected to become the first Brazilian city to buy Bitcoin as a store of value. In addition, the city administration is looking to offer discounts for those who pay taxes with Bitcoin.


Oglobo.Globo reports the Mayors of Rio and Miami Mayor Francis Suarez participated on the first day of the largest innovation and technology meeting in Latin America.

Francis Suarez is the Mayor of one of the most important cities in the United States and a declared fan of Bitcoin, making his municipality one of the first cities in the world that launched its coin, the Miami coin, and became the first Mayor to receive a salary in Bitcoin.

Mayor of Rio, Eduardo Paes, the 13th mayor of Rio de Janeiro, a huge seaside city in Brazil, will buy Bitcoin for city reserves. Rio de Janeiro announced establishing a working group to deal with the matters of accepting Bitcoin for the city’s funds.

In the presence of “bitcoin” mayor Francis Suarez, Eduardo Paes revealed that 1% of the Treasury of Rio de Janeiro would be in Bitcoin.

Paes said:

“We will launch Crypto Rio and invest 1% of the Treasury in Bitcoin.” 

According to Eduardo Paes, the connection with Miami is vital in a world of global cities. Rio wants to pursue the Bitcoin adoption movement to become the tech capital of South America, following the large US city, which continues to grow and even has its cryptocurrency, MiamiCoin.

“Rio de Janeiro has everything it takes to become the tech capital of South America. Events like the Rio Innovation Week come to strengthen the city’s image as the perfect place to work, live and innovate.”

Eduardo Paes, thanking the Mayor of Miami for participating in the event, said:

“Miami and Rio are global cities, attracting people, businesses, and organizations. This international dialogue is essential.”

If Rio holds 1% of its reserves in Bitcoin, it remains to be seen how much this value will be Dollars and how many coins the city will be able to buy in the market when it acts. In South America, Rio will become the first city to have Bitcoin as a reserve.


Other details disclosed by Paes were about the payment of taxes with Bitcoin.

The city administration is looking forward to providing a 10% discount on taxes when paid in Bitcoin, which shows that the beautiful city is willing to process payments with the most prominent digital currency in the world.

Some details that remain to be revealed are who will take care of this Bitcoin that will be purchased by Rio and those received by tax payments; in addition, Rio will need help to process Bitcoin payments from some company, or will it do everything by himself. Finally, Eduardo Paes did not reveal whether he intends, as Miami has already done, to create its cryptocurrency in the future or not.

- Advertisement -
Albert Brown
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

FLOKI Partners With Crypto Education Specialists TechTree to Build the Premier Crypto Educational Platform “Floki University”

Floki Inu (FLOKI) recently declared via tweet that it has partnered with TechTree, the core educational platform for crypto and De-Fi - a core...

Crypto Relief India has decided to move $100 Million USDC Back to Vitalik Buterin Wallet with the Intention to Accelerate Relief Efforts in India

Sandeep Nailwal, a cofounder of Polygon (MATIC) and founder of Crypto Relief, has just posted a CryptoRelief Update via his official Twitter handle. According to...

Ripple Supporters May Wait Until Next Year Before SEC Lawsuit Will End

John Deaton said Ripple supporters may have to wait until next year before a verdict is given in the  lawsuit filed by the Securities...

DeFi Wallet Ambire Gains Momentum, Launches $WALLET Token on Huobi Primelist

Sofia, Bulgaria, 28th January, 2022, — DeFi-focused crypto wallet by Ambire is launching its much anticipated governance token on the Huobi exchange. Ambire...

Celebrate Lunar Spring Festival With Theme: A Holiday For Some, Rewards For Everyone. wishes all its users a very happy Lunar Spring Festival! May the year of the Tiger bring you health, wealth, love, and prosperity.

Bradenton Hot Dog Restaurant Embraces Dogecoin As Payment

A Bradenton restaurant named Willy-Yums has announced that customers can now pay for their favorite hot dog sandwiches using popular cryptocurrency dogecoin (DOGE). 

Some Major Thing Coming For SHIB, Shiba Inu Team Teases: ‘Something Is Cooking, Will You Be Ready’

Nowadays, Shiba Inu (SHIB) teases its holders and followers with new surprises. window.coinzilla_display = window.coinzilla_display || ; ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.