Rio de Janeiro Wants To Become Brazil's Cryptocurrency Capital

Brazil's vacationer sizzling spot of Rio de Janeiro now needs to turn into the nation's cryptocurrency capital, and plans to dedicate a part of its reserves to digital cash.In a decree revealed Friday, Rio mayor Eduardo Paes introduced the creation of a working group to check methods to incentivize the usage of crypto and increase the town economic system, akin to providing reductions when paying taxes with Bitcoin. On Thursday, Paes spoke at Rio Innovation week and outlined his plans to rework a metropolis higher identified for its seashores and raucous avenue events right into a tech hub. Miami mayor Francis Suarez, some of the outspoken proponents of digital currencies amongst U.S. officers, additionally participated within the occasion.Eduardo Paes, Democratic Party (DEM) candidate for mayor of the town of Rio de Janeiro, gesutres after voting at a polling station throughout the first spherical of municipal elections in Rio de Janeiro, Brazil, on Sunday, Nov. 15, 2020. Brazilians are about to seek out out whether or not their well-liked president is ready to get political allies elected in Sunday's municipal vote."We are going to launch Crypto Rio and invest 1% of our public funds in cryptocurrency," Paes mentioned on Thursday, in line with enterprise every day ValorEconomico.According to the decree, digital cash may be used to fund metropolis initiatives. The working group is about to publish the outcomes of its examine in 90 days.