Eduardo Paes, mayor of Rio de Janeiro, intends to invest 1% of the city’s treasury reserves in bitcoin.
Brazil’s top newspaper O Globo reported the news on Thursday, citing Paes’s comments made at the Rio Innovation Week event. Paes was speaking on a panel alongside Miami mayor Francis Suarez and said: “We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency.”
Paes is also set to establish a working group in that regard, per the report.
Rio de Janeiro may also offer a discount on property taxes if paid with bitcoin.
Pedro Paulo, secretary of finance and planning of the city, at the event said: “We are studying the possibility of paying taxes with an additional discount if you pay with bitcoins. You take the discount of the single quota of 7% (of the IPTU) , it becomes 10% if you pay in bitcoin,” said Paulo. “Let’s study the legal framework to do this.”
IPTU is a property tax in Brazil charged by a local municipality. It is paid every year by the owner o
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