Rio de Janeiro to Invest 1% of Treasury in Bitcoin

by OVERSTANDARD

Mayor Eduardo Paes recently announced that Rio de Janeiro will be investing one percent of its treasury reserves in Bitcoin. By doing this, the city hopes to encourage individuals and businesses to spend money or to save money by reducing the amount of tax that they have to pay, and as much as a 10 percent tax reduction when buying a property.

“Rio de Janeiro has everything it takes to become the tech capital of South America. Events like the Rio Innovation Week come to strengthen the city’s image as the perfect place to work, live, and innovate.”

– Eduardo Paes, Mayor of Rio de Janeiro

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