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Rio de Janeiro Plans to turn out to be “Crypto Rio” by Storing A part of its Reserves in Bitcoin


Following within the footsteps of Miami, Brazilian metropolis Rio de Janeiro plans to enter the crypto area by having 1% of its reserves in Bitcoin.

Talking throughout Rio Innovation Week, Mayor Eduardo Paes revealed that the town of Rio de Janeiro is eyeing to speculate a part of its Treasury in cryptocurrencies, in accordance to native media outlet O Globo. 

Paes said:

“We’re going to launch Crypto Rio and make investments 1% of the Treasury in cryptocurrency.”

Plans are additionally underway to have the choice of paying taxes utilizing Bitcoin, in keeping with the town mayor.


Paes was joined by Francis Suarez, the mayor of Miami, within the occasion via video name and he highlighted that the reference to Miami was essential in a world of worldwide cities. 


Rio de Janeiro intends to borrow a leaf from Miami in its Bitcoin adoption journey in order that it turns into the tech capital of South America. Paes famous:

“Miami and Rio are international cities, attracting folks, companies, and organizations. This worldwide dialogue is important.”

He added that occasions like Rio Innovation Week have been strengthening the town’s standing as an ideal place to dwell, work, and innovate. 


Rio de Janeiro additionally intends to observe in Miami’s footsteps by providing tax incentives to tech corporations situated in Porto Maravalley. 


On his half, Mayor Suarez identified:

“We created a tsunami of alternative. Many cities in america have been elevating taxes, and we lowered them. We understood that we might be on the forefront of innovation and we invited creators right here.” 

Miami has been one of many crypto-friendly cities on American soil. For example, in November final 12 months, the town disclosed plans to distribute Bitcoin yields with residents.


Moreover, Mayor Suarez revealed that he would turn out to be the primary American lawmaker to simply accept Bitcoin as wage fee. 

Picture supply: Shutterstock

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