Brazil’s tourist hot spot, Rio de Janeiro, now aims to become the country’s cryptocurrency capital and plans to devote some of its reserves to digital money.
In a decree published Friday, Rio Mayor Eduardo Paes announced the creation of a working group to study ways to boost crypto use and boost the city’s economy, such as offering discounts when paying taxes with Bitcoin.
On Thursday, Paes spoke during Rio Innovation week, outlining his plans to turn a city better known for its beaches and raucous street parties into a tech hub. Miami Mayor Francis Suarez, one of the most vocal advocates of digital currencies among US officials, also took part in the event.
Democratic Party (DEM) candidate Eduardo Paes for Mayor of the City of Rio de Janeiro, gesutres after voting at a polling station during the first round of municipal elections in Rio de Janeiro, Brazil, on Sunday, November 15, 2020. Brazilians stand about to find out if their popular president is able to get political allies elected in Sunday’s municipal ballot.
“We are going to launch Crypto Rio and invest 1% of our public funds in cryptocurrency,” Paes said on Thursday, according to business daily ValorEconomico.
According to the decree, digital money may also be used to finance urban projects. The working group will publish the results of its research within 90 days.