Rio De Janeiro to Allocate 1% of Treasury Reserves to Crypto: Report
The Brazilian city also plans to give discounts on tax payments made with bitcoin.
Jan 14, 2022 at 1:31 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/V4RM74GYBVFNHP7R6473EV4R2M.jpg)
Rio de Janeiro
Tanzeel Akhtar is a reporter based in London,UK.
The mayor of Rio de Janeiro said Thursday he plans to allocate 1% of Brazil's second-most populous city's treasury reserves to cryptocurrencies, according to a Globo report.
- "We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency," Mayor Eduardo Paes said at the Rio Innovation Week.
- According to Pedro Paulo, Rio de Janeiro's finance secretary, the city plans to apply discounts to tax payments made with bitcoin. "You take the single quota discount of 7%, it would make 10% if you pay in bitcoin," Paulo said, adding that the administration needs to study the legal framework.
- Miami Mayor Francis Suarez also spoke at the event, and discussed the challenges in transforming cities into technological hubs. In February, Suarez told CoinDesk he plans to place a portion of Miami's treasury in bitcoin.
CORRECTION (Jan. 14, 14:08 UTC): Replaces references to bitcoin in headline, first paragraph and first bullet with the more general cryptocurrencies.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/www.coindesk.com/resizer/HVesWmYnlcxL9xZ0eIdHN4fFpSg=/arc-photo-coindesk/arc2-prod/public/DGOZQITI7VFEPBVYVZBBVVV4I4.png)
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/KYHTJ5S6INFPTBVEHBGIBD2TQY.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/KJ5ITMY4XNAYTHL5IQWFORHKFQ.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/ZICXWNHOGVH5DMUFXTKUSHQHQA.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/TDBU32VGARCKHBIALKF7BOUFGI.png)