Rio de Janeiro invests 1 % of his state treasury in cryptocurrency -
Rio de Janeiro invests 1 % of his state treasury in cryptocurrency -
Rio de Janeiro, one of the largest cities in Brazil, will invest part of his state treasury in cryptocurrencies. The announcement was made by the mayor of Rio, Eduardo Paes, during the Rio Innovation Week. The plan is to transform the city into a cryptocurrency -friendly center, and according to reports other tax incentives are also introduced to achieve this goal.
Rio de Janeiro invested in cryptocurrency
rio de Janeiro, one of the largest cities in Brazil, will be there supposedly according to the mayor Eduardo Paes invests part of its funds in cryptocurrency investments. This was announced during a joint lecture with the Mayor of Miami, Francis Suarez, at the Rio Innovation Week, an event that deals with the modernization of the city.
Paes explained:
We will introduce Crypto Rio and invest 1 % of the treasure office in cryptocurrency.
Suarez, who also launched Miamicoin, a cryptocurrency for the city of Miami, explained that the same development in Miami created opportunities for investors and at the same time offered crypto tax incentives. He defined:
We have created a tsunami of the possibilities. Many cities in the United States increased taxes and we lowered them. We understood that we can be at the top of the innovation and have invited developers here.
Tax incentives and regulation
In Miami's footsteps, Paes also plans to introduce tax incentives and discounts for users who pay with Bitcoin. Finance Minister Pedro Paulo explained that they want to check whether they want to offer users who pay certain taxes with Bitcoin. However, he also explained that the study of the regulations was necessary to use these changes.
chicão Bulhões, secretary of the team for economic development and innovation, explained that these tax incentives focused on attracting more companies from other regions of the country that deal with cryptocurrency. Bulhões noticed:
We have already approved tax incentives, we already have a percentage of 2 %, and we also want to concentrate strongly on the Porto region when these new actors arrive.
The regulation of the cryptocurrency in the country is an ongoing matter, with a recently published law on discussion by the Senate this year. The draft law with the designation 2.303/15 could make Bitcoin in Brazil a currency, as its main applicant, Deputy Aureo Ribbeiro, said. specified last year.
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