Rio de Janeiro Wants to Become Brazil’s Cryptocurrency Capital

Discussion in 'Crypto Assets' started by johnarb, Jan 14, 2022.

  1. johnarb


    prolly nothing...

    Rio de Janeiro Wants to Become Brazil’s Cryptocurrency Capital
    • Brazil’s second-biggest city to spend 1% of reserves on crypto
    • Working group created to incentivize use of digital money
    Eduardo Paes, mayor of Rio de Janeiro, gestures after voting in municipal elections on Nov. 15, 2020.Photographer: Andre Coelho/Bloomberg
    Andrew Rosati

    January 14, 2022, 8:58 AM PST

    Brazil’s tourist hot spot ofRio de Janeironow wants to become the nation’s cryptocurrency capital, and plans to dedicate part of its reserves to digital money.

    In adecreepublished Friday, Rio mayor Eduardo Paes announced the creation of a working group to study ways to incentivize the use of crypto and boost the city economy, such as offering discounts when paying taxes with Bitcoin.

    On Thursday, Paes spoke at Rio Innovation week and outlined his plans to transform a city better known for its beaches and raucous street parties into a tech hub. Miami mayor Francis Suarez, one of the mostoutspoken proponentsof digital currencies among U.S. officials, also participated in the event.

    “We are going to launch Crypto Rio and invest 1% of our public funds in cryptocurrency,” Paes said on Thursday, according to business dailyValorEconomico.

    According to the decree, digital money may also be used to fund city projects. The working group is set to publish the results of its study in 90 days.
    Trader Curt likes this.
  2. maxinger


    I wonder if they have Plan B;

    what if Cryptocurrency becomes the mother-of-all-Tulipmania?
    johnarb likes this.
  3. Sprout


    Doesn't sound like you've used any of the emerging protocols and platforms. Is this an accurate statement?
    johnarb likes this.