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
Updated Jan 14, 2022 at 9:41 p.m. UTC

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.

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Tanzeel Akhtar is a CoinDesk news reporter based in the UK.