Rio de Janeiro is About Ready to Spend 1% of its Treasury on Bitcoin

Rio de Janeiro is About Ready to Spend 1% of its Treasury on Bitcoin

Rio de Janeiro is moving forward with Bitcoin integration. The secretary of finance and planning shared the possible implementation of a plan to transfer 1% of the treasury to cryptocurrency, saying that Brazil will facilitate its adoption.

In an exclusive interview with Brazil's Boletim Bitcoin portal (via Bitcoin Magazine), Andrea Senko, the secretary of finance and planning of Rio de Janeiro, commented on the city's adoption of Bitcoin and shared plans for a possible purchase of Bitcoin for the city government's coffers.

For several months, the city government of Rio de Janeiro has been moving closer to Bitcoin. During Rio Innovation Week, Eduardo Paes met with Miami Mayor Francis Suarez, who is looking to integrate Bitcoin in Miami. Paes stated that Miami is one of the inspirations for Rio de Janeiro and later said that the city was looking into “applying 1% of the treasury to cryptocurrency.”

During the event, Pedro Paulo, secretary of finance, also stated that the city government is open to receiving tax payments in Bitcoin. Paulo said, “We are studying the possibility of paying taxes with an additional discount if you pay with bitcoins.” This would encourage the use of Bitcoin as payment.

Asked about the idea of ​​integrating the city with Bitcoin, Senko called it the backbone of Rio de Janeiro's technological growth.

“Rio, because of its vocation as a global city, is aware of the world's main changes and innovations, and always places itself at the forefront of these issues. The city looks to the future, and the City Hall has been following the technological and economic advances [...]. The goal is to make Rio the crypto ecosystem of Brazil, contributing to the city becoming the innovation and technology capital of the country.”

To help with the integration, Rio de Janeiro's city government created the Municipal Committee for Crypto Investments (CMCI). When asked about the activities under discussion by the institution, the Finance Secretariat stated:

“The Municipal Committee for Crypto Investments (CMCI), established in March 2022, works on a policy for investment in crypto assets and a governance model for decision making.”

Senko commented on the idea of ​​the city allocating 1% of the mayor's treasury to Bitcoin:

“This purchase will follow a methodology that is attentive to the swings and risks of this market and is under development by City Hall.”

© 2022, Eva Fox | Tesmanian. All rights reserved.


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About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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