Rio de Janeiro mayor: Will use 1% of treasury assets to buy bitcoin

Time:2022-01-14 Source: 895 views Trending Copy share

The 13th mayor of the Brazilian coastal city of Rio de Janeiro, Eduardo Paes, announced that he will buy bitcoin as a city reserve asset.

Rio de Janeiro has announced the formation of a task force to deal with accepting bitcoin as funding for the city.

Eduardo Paes revealed that 1% of Rio de Janeiro’s treasury assets will be used to buy Bitcoin. Rio de Janeiro is expected to be the first city in Brazil to buy bitcoin as a store of value asset. In addition, the city government is planning to offer discounts to those who use bitcoin to pay their taxes.

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