News Bitcoin: A Brazilian mayor will invest 1% of the city's money in BTC

Eduardo Paes, the mayor of the Brazilian city of Rio de Janeiro, wants to allocate 1% of the city's funds in Bitcoin.

Paes has announced plans for Crypto Rio - to turn the city into a crypto hub during Innovation Week, according to a local publication.

The mayor spoke about the city's ambitions regarding cryptocurrencies, together with Francis Suarez, the mayor of Miami, who asked to receive his salary in Bitcoin since November 2021.

We will launch the Crypto Rio project and invest 1% of the treasury in cryptocurrencies. The government has a role to play, Paes said, adding that the state plans to tax the industry.

The panel also included other Brazilian politicians, such as Pedro Paulo, the city's financial secretary, who stressed that his administration wants to offer a 10% discount on the property tax when it is paid in Bitcoin.

JUST IN - Rio De Janeiro mayor announces 10% discount on taxes paid in #Bitcoin pic.twitter.com/wsfdqcdEFn

• Bitcoin Magazine (@BitcoinMagazine) January 14, 2022

The news comes shortly after the Brazilian government warmed up its position on Bitcoin and the crypto industry, as Luizão Goulart proposed a plan to adopt Bitcoin as a legal method of payment for the public and private sectors. . In December 2021, MercadoPago, a widely used payment processor across the country, allowed citizens to buy, sell and hold large currencies such as Bitcoin or Ethereum.