Rio de Janeiro Plans to develop into “Crypto Rio” by Storing Part of its Reserves in Bitcoin

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Following within the footsteps of Miami, Brazilian metropolis Rio de Janeiro plans to enter the crypto area by having 1% of its reserves in Bitcoin.

Speaking throughout Rio Innovation Week, Mayor Eduardo Paes revealed that the town of Rio de Janeiro is eyeing to speculate a part of its Treasury in cryptocurrencies, in accordance to native media outlet O Globo. 

Paes said:

“We are going to launch Crypto Rio and invest 1% of the Treasury in cryptocurrency.”

Plans are additionally underway to have the choice of paying taxes utilizing Bitcoin, in accordance with the town mayor.


Paes was joined by Francis Suarez, the mayor of Miami, within the occasion by way of video name and he highlighted that the reference to Miami was essential in a world of worldwide cities. 


Rio de Janeiro intends to borrow a leaf from Miami in its Bitcoin adoption journey in order that it turns into the tech capital of South America. Paes famous:

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

He added that occasions like Rio Innovation Week have been strengthening the town’s standing as an ideal place to reside, work, and innovate. 


Rio de Janeiro additionally intends to comply with in Miami’s footsteps by providing tax incentives to tech firms situated in Porto Maravalley. 


On his half, Mayor Suarez identified:

“We created a tsunami of opportunity. Many cities in the United States were raising taxes, and we lowered them. We understood that we could be at the forefront of innovation and we invited creators here.” 

Miami has been one of many crypto-friendly cities on American soil. For occasion, in November final yr, the town disclosed plans to distribute Bitcoin yields with residents.


Furthermore, Mayor Suarez revealed that he would develop into the primary American lawmaker to simply accept Bitcoin as wage fee. 

Image supply: Shutterstock

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