Rio De Janeiro Mayor Eduardo Paes Implementing Bitcoin Schemes In The City

Quick Reads

  • Mayor Eduardo Paes of Rio de Janeiro intends to invest 1% of the city’s treasury in cryptocurrencies.
  • If property taxes are paid in bitcoin, the city will give you an additional 10% reduction.

Rio de Janeiro’s mayor, Eduardo Paes, plans to invest 1% of the city’s treasury reserves in bitcoin. The revelation was first published by Brazil’s leading daily, O Globo, on Thursday, citing Paes’ remarks during the Rio Innovation Week event.

“We are going to start Crypto Rio and invest 1% of the treasury in cryptocurrencies,” Paes said on a panel alongside Miami mayor Francis Suarez.

According to the article, Paes plans to form a working group in this area. If property taxes are paid in bitcoin, Rio de Janeiro may give a reduction.

Paes To Provide 10% Discount On Taxes Paid In Bitcoin

Commenting on the Tweet, Paes wrote that “How cab we help you?”.

At the ceremony, Pedro Paulo, the city’s secretary of finance and planning, said:

“We’re looking into the prospect of paying taxes with bitcoins and getting a discount. If you accept a 7% discount on the single quota (from the IPTU), it becomes a 10% discount “”Pay in bitcoin,” Paulo explained. “Let’s look into the legal framework first.”

IPTU is a property tax levied by a municipality in Brazil. The owner of a house, building, or land plot pays it once a year. Rio will become the first Brazilian city to have bitcoin on its financial sheet if its proposal works.

The mayor of Miami also said last year that he intends to invest the city’s treasury reserves in bitcoin. However, he has yet to take the plunge.

Suarez stated in October that investing a percentage of the city’s funds in bitcoin is “a key priority.” El Salvador was the first country to buy bitcoin on its balance sheet last year. At current pricing, the Central American country has roughly 1,390 bitcoins, which are worth over $58 million.

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