Rio de janeiro de Janeiro’s Mayor to take a position 1% of The City’s Treasury in Bitcoin

Eduardo Paes – the gran of Rio de Janeiro – hopes to allocate 1% from the city’s Treasury in bitcoin. If he proceeds, the particular megapolis will become the first B razil city to purchase the primary cryptocurrency as a store of worth.
Rio to Hop on The particular BTC Bandwagon
Mayor Eduardo Paes presented his programs at Rio Innovation 7 days as he discussed the subject in the lecture with the bitcoin-loving gran of Miami – Francis Suarez.

“We are going to release Crypto Rio and commit 1% of the Treasury within bitcoin, ” Paes stated.

The 52-year-old member of Brazil’s Social Democratic Party acknowledged Suarez’s efforts to change Miami into a cryptocurrency centre. The latter previously said they are open to exploring the idea of placing 1% of his city’s Treasury reserves in bitcoin.
While Miami has placed itself as the cryptocurrency middle of the USA, Rio is designed to become the South United states hub for the digital resource industry, Paes asserted:

“Rio de Janeiro has every thing it takes to become the technology capital of South America. Occasions like the Rio Innovation 7 days come to strengthen the city’s image as the perfect spot to work, live, and innovate. ”

The possible bitcoin adoption is considered a massive stage for the development of the primary cryptocurrency since Rio de Janeiro is the economic heart of Brazil. The economy is also one of the biggest in the Latin American area and among the fastest-growing internationally.
In line with the bitcoin investment, gran Paes is looking to give a 10% discount on fees when paid in the top digital asset. Last year, Miami’s leader displayed similar purposes saying he would allow occupants to pay taxes in BTC instead of US dollars.

Eduardo Paes, Source: RioOnWatchGovernment Employees in Brazil to Receive Wages in BTC
Eduardo Paes is not the first Brazilian politician to express sympathy towards the principal cryptocurrency. In November 2021, congressman Luiz Goularte Alves proposed a bill to enable general public and private sector employees to be paid in bitcoin.

“This Law establishes that will part of the remuneration of the employee can, optionally, be made by means of cryptocurrencies, ” the first outlines of the proposal read.

Based on the bill, employees would be able to select what exact percentage of the salaries they want in crypto and what in fiat foreign currencies. The employer must respectively concure with the proposed motion.

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Tags: Bitcoin Bitcoin Usage Brazil Miami

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About The Writer

Dimitar Dzhondzhorov
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Dimitar got thinking about cryptocurrencies back in 2018 among the prolonged bear marketplace. His biggest passion during a call is Bitcoin and he had been fascinated with its journey. Having a flair for producing top quality content, he started covering the cryptocurrency space in late 2018. Their hobby is football.