Rio To Allocate 1% Of Treasury Reserves To Crypto

After several days of steep declines, finally some good news for cryptocurrencies.

According to a report in Globo, the mayor of Rio de Janeiro, Eduardo Paes, said Thursday he plans to allocate 1% of Brazil’s second-most populous city’s treasury reserves to cryptocurrencies, as part of his plan to turn the city into a cryptocurrency hub.

“We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency. The government has a role to play,” Paes reportedly said, adding that the state is also planning to introduce tax exemptions for the industry.

The panel also included major Brazilian officials like city finance secretary Pedro Paulo, who noted that the administration is considering a 10% discount on property tax in Brazil on payments with Bitcoin. “Let’s study the legal framework to do this,” he said

“You take the single quota discount of 7%, it would make 10% if you pay in bitcoin,” Paulo

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