According to the decree, the digital money can also be used to fund city projects.
Brazil’s tourist destination Rio de Janeiro now wants to be the country’s cryptocurrency capital, and plans to dedicate a portion of its reserves to digital money.
In a decree published on Friday, Rio Mayor Eduardo Paes announced the creation of a working group to encourage the use of crypto and study ways to boost the city’s economy, such as paying taxes with bitcoin. Offering discounts while doing so.
On Thursday, Pace spoke at Rio Innovation Week and outlined his plans to transform a city into a tech hub for its beaches and raucous street parties. Miami Mayor Francis Suarez, one of the most vocal proponents of digital currencies among US officials, also attended the event.
Eduardo Pace, Democratic Party (DEM) candidate for mayor of the city of Rio de Janeiro, Gesutre after voting at a polling station during the first round of municipal elections on Sunday, November 15, 2020 in Rio de Janeiro, Brazil. Brazilians are about to find out whether their popular president is able to elect political allies in Sunday’s municipal vote.
“We are going to launch Crypto Rio and invest 1% of our public funds in cryptocurrencies,” Paes told business daily Valor Economico on Thursday.
According to the decree, the digital money can also be used to fund city projects. The working group is set to publish the results of its study in 90 days.
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