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Rio De Janeiro Plans To Buy Bitcoin With City’s 1% Reserve; Tax Discounts Also To Be Offered

Brazil’s second most populous city, Rio de Janeiro, is all set to buy Bitcoin with 1% of the city’s treasury reserves, said Eduardo Paes, the city’s mayor. Rio will be the first-ever Brazilian city to purchase crypto as a store of value if Eduardo proceeds with what he says.

Breaking News: Rio de Janeiro in Brazil will allocate 1% of the city’s reserves to #Bitcoin pic.twitter.com/zEgWUbUTPc
— CryptoCurrency News (@CryptoBoomNews) January 14, 2022

Discount on tax payments with bitcoin
Besides buying Bitcoin with the city’s reserves, the mayor also talked about some tax reliefs for paying through Bitcoin. For those choosing to pay through Bitcoin, he mentioned offering a 10% discount on taxes, such as the urban building or land tax (IPTU).
IPTU, a federal and urban property tax, is collected by the municipalities in Brazil. It’s calculated on the deemed sales price of the property.
Employees to be paid in Bitcoin!
Before Eduardo Paes, the Brazilian congressman Luiz Goular

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