Rio de Janeiro authorities will buy bitcoins for part of the city’s budget

The government expects that the adoption of BTC into the financial system will make the city the main cryptocurrency hub of Brazil

28.07.2022 - 07:30

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What’s new? Rio de Janeiro’s finance and planning secretary, Andrea Senko, said that the authorities will begin to encourage the adoption of bitcoin into the city’s financial system. To that end, the government will purchase BTC for the city’s treasury, she revealed in a recent interview. Senko believes that the integration of the first cryptocurrency into the financial, social, and technological structure will make Rio de Janeiro the main cryptocurrency hub of Brazil.

Interview

What else did Senko add? The Rio de Janeiro administration reported back in January that it plans to convert 1% of the city’s budget into bitcoins. The finance minister added that the transaction and further management of the digital assets would take place with the participation of leading economists and analysts. Also in March this year, the city government created the Municipal Committee for Crypto Investments (CMCI) to implement its plan.

Earlier, the authorities of Rio de Janeiro announced the option to pay property taxes using cryptocurrencies. If the legislation is amended, it will be available as early as 2023.

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