Rio de Janeiro authorities plan to transfer of part its reserves into bitcoin

The mayor of the city plans to adopt the experience of Miami to become the technological capital of South America

15.01.2022 - 07:10

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What’s new? Speaking at the Innovation Week in Rio de Janeiro, the city's mayor, Eduardo Paes, said that the city intends to invest part of its treasury in cryptocurrencies. For now, the mayor's office intends to transfer 1% of its reserves into bitcoin. This is reported by the local media outlet O Globo.

Information on the O Globo website

What else did Paes say? According to the city’s mayor, there are also plans to make it possible to pay taxes using bitcoin. Paes was joined by Francis Suarez, the mayor of Miami, who participated in the event via video link and stressed that connecting with Miami is crucial in the world of big cities. Rio de Janeiro intends to learn from the experience of the American metropolis on the path of bitcoin adoption to become the technological capital of South America. Paes noted:

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

What had happened before? Miami has become one of the most cryptocurrency-friendly cities in the United States. In November 2021, the city authorities revealed plans to introduce their own coin, and Mayor Suarez announced that he will become the first US lawmaker to accept bitcoin as payment.

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