Rio De Janeiro Invests 1% of its reserves in bitcoin

eduardo paes

The mayor of Rio de Janeiro, Eduardo Paes, follows Miami’s example and will invest 1% of the city’s reserves in bitcoin.

The mayor of Rio de Janeiro is working to put a chunk of the famous Brazilian city’s reserves into bitcoin, according to reports on Friday.

“We will launch Crypto Rio and invest 1% of the fund in cryptocurrencies,” Rio de Janeiro mayor Eduardo Paes said, according to Brazilian newspaper O Globo.

He revealed the plan during Rio’s Innovation Week on a panel with the mayor of Miami, whose cryptocurrency efforts in the US city include a plan to pay residents a “bitcoin return”.

Related: Miami Vs New York: Who Will Become The New “Capital” Of Digital Money In The US?

Meanwhile, Rio’s finance and planning chief, Pedro Paulo, told O Globo that the city is also considering offering a 10% discount on property taxes paid with bitcoin.

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