Rio de Janeiro to invest 1% of municipal revenue in cryptocurrencies

The mayor of Rio de Janeiro, Brazil’s second largest city, Eduardo Paes recently announced plans to follow the example of the mayor of Miami in the United States by launching “Rio Coin” and investing 1% of Rio de Janeiro’s municipal revenue in crypto currency, thus becoming the first city in Brazil to purchase major cryptocurrencies as a store of value.

Paes praised Miami Mayor Francis Suarez’s efforts to transform Miami into a cryptocurrency hub at an event last week. "We will launch Rio Coin and invest 1% of our revenue in cryptocurrencies," he said.

Meanwhile, Rio de Janeiro’s finance and planning minister, Pedro Paulo, said the city is also considering a 10 percent discount on property taxes paid using bitcoin.