The mayor of Rio de Janeiro, one of the biggest cities in Brazil, has stated that he intends to invest 1% of the city's treasury funds into cryptocurrency Bitcoin as part of a long-term investment strategy that he hopes can net huge gains for the metropolis.
Eduardo Paes, mayor of Brazilian city Rio de Janeiro, announced plans for 'Crypto Rio' during Rio Innovation Week according to Brazilian newspaper O Globo. The same story was reported in Cointelegraph Brazil.
Paes reportedly said:
"We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency. The government has a role to play."
In a statement, a the project's Working Group said:
"The City of Rio has taken the first step towards becoming a national hub in the digital currency market. A decree published on Friday (14/01) creates a Working Group to propose actions related to the development of this market with the aim of boosting the Economy of Rio in the crypto universe. The Working Group, coordinated by the Municipal Department of Finance and Planning in partnership with the Secretariat of Economic Development, Innovation and Simplification, will study ways to stimulate the use of coins through discounts to the taxpayer, such as the payment of the IPTU, for example. Crypto Rio calls, such as digital currencies in Rio, can also help expand resources for the city's strategic projects. Experts will also evaluate the possibility of the municipality making treasury investments in cryptocurrencies. The results of the studies will be published by the Working Group within 90 days of the publication of the decree."
Reports have also indicated that city finance secretary Pedro Paulo has suggested that there could also be a 10% discount on property tax if they are paid using the Bitcoin cryptocurrency.
Rio de Janeiro would become just one of the latest cities and nation states to start using Bitcoin. Most recently the newly elected New York mayor stated that they would start looking into using Bitcoin as part of the city's financial plans for the future.
[Based on reporting by: COINTELEGRAPH]
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