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Policy & Regulation

Rio de Janeiro to invest 1% of its treasury in BTC: Reveals Mayor Paes 

14 Jan 2022 : 15:58
2 min read
  • Rio de Janeiro is going to invest 1% of the treasury in Bitcoin.
  • The announcement was made by Mayor Eduardo Paes at the Rio Innovation Week.
  • Mayor Paes also discussed the matter with crypto-friendly Mayor of Miami, Francis Suarez.

Rio de Janeiro, the second-largest city in Brazil, is known for its beaches and football. However, as per a recent revelation from Mayor Eduardo Paes, the city will be investing 1% of its treasury in Bitcoin, the world’s biggest cryptocurrency. 

Rio de Janeiro on the road of BTC adoption

Rio de Janeiro seems to be on the road to Bitcoin adoption. The city will be the first in the entire country to purchase and invest in Bitcoin (BTC). The plans to invest in cryptocurrency were presented at the Rio Innovation Week. 

Mayor Paes discussed the details of his plan with the Mayor of Miami, Francis Suarez. The report added:

“‘We are going to launch Crypto Rio and invest 1% of the Treasury in cryptocurrency,’ said Paes, who is publishing a decree on Friday establishing a working group on the subject.”

The tech capital of South America

As per the statement from Mayor Paes, the aim behind the decision is to transform the city of Rio de Janeiro into the tech capital of South America. He added in his statement that the city “has everything it takes to become the tech capital of South America.”

“Events like the Rio Innovation Week come to strengthen the city’s image as the perfect place to work, live, and innovate,” said the mayor.

Bitcoin is becoming increasingly famous amongst mayors of different cities. Mayor Sanchez had recently announced that he’d be accepting his paycheck in Bitcoin. On the other hand, the Mayor of New York, Eric Adams, had also announced the same. 

Rio de Janeiro is the first city in Brazil to take a step forward in crypto adoption. On the other hand, as per our previous report, the nation is also considering zero tax on renewable Bitcoin mining.

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Anisha Pandey

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A writer, an artist, an engineer, and a girl with a colorful mind, Anisha believes in achieving results smartly and diligently.

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