According to the decree, the digital currency can also be used to finance city projects.
Brazil’s tourist hotspot Rio de Janeiro now wants to become the nation’s crypto capital and plans to dedicate part of its reserves to digital currency.
In an ordinance published Friday, Rio mayor Eduardo Paes announced the creation of a working group to study ways to encourage the use of cryptocurrencies and boost the city’s economy, such as such as discounts when paying taxes in Bitcoin.
On Thursday, Paes spoke at Rio Innovation week and outlined his plan to turn a city better known for its beaches and buzzing street parties into a tech hub. Miami Mayor Francis Suarez, one of the most outspoken proponents of digital currency among US officials, also participated in the event.
Eduardo Paes, Democratic Party (DEM) candidate for mayor of Rio de Janeiro, after casting his ballot at a polling station during the first round of municipal elections in Rio de Janeiro, Brazil, on Sunday. Sunday, November 15, 2020. Brazilians are set to find out if their popular president can be elected by political allies in Sunday’s municipal vote.
Paes said on Thursday, according to the business daily ValorEconomico.
According to the decree, the digital currency can also be used to finance city projects. The working group will publish its research results within 90 days.
