Rio de Janeiro to invest 1% of reserves in Bitcoin

What

The Brazilian city of Rio de Janeiro announced that 1% of its treasury reserves will be stored in Bitcoin

Why

It’s part of a bigger move by the city to introduce cryptocurrency into its financial system

What next

Rio de Janeiro Mayor Eduardo Paes also revealed that citizens may soon be able to pay property taxes in Bitcoin

The story

Speaking at Rio Innovation Week, Mayor Paes revealed plans to launch Crypto Rio, its own cryptocurrency, also adding that he plans to invest 1% of the city’s treasury in Bitcoin.

Rio de Janeiro is the second-largest economy in Brazil and one of the largest in the Latin American region.

Paes explained that Rio is a global city attracting people and businesses from all over the world. “This international dialogue is essential,” he said at the event.

Citizens who opt to pay their property taxes in Bitcoin may be eligible for a 10% tax break, another city official revealed.

To find out more about Bitcoin, visit our education portal here.