The mayor of Rio de Janeiro intends to invest 1% of the city's treasury in Bitcoin, in an effort to make the city the South American center of the digital asset industry.

Mayor of Rio de Janeiro Eduardo Paes intends to dedicate 1% of the city treasury to Bitcoin. If this happens, the metropolis will become the first Brazilian city to buy a major cryptocurrency as a store of value. The mayor presented his plans at Rio Innovation Week, discussing the topic in a lecture with Bitcoin lover Miami Mayor Francis Suarez, according to Сrypto Potato. "We are going to launch Crypto Rio and invest 1% of the Treasury in Bitcoin," Paes said.

Paes praised Suarez's efforts to turn Miami into a cryptocurrency hub. While Miami is positioning itself as the U.S. cryptocurrency hub, Rio is aiming to become the South American hub of the digital asset industry, Paes said:
"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."

Rio de Janeiro is the financial heart of Brazil, so the introduction of cryptocurrency here is a very big step. The city's economy is one of the largest in the Latin American region and one of the fastest-growing in the world.

Paes plans to make using Bitcoin even more enjoyable for the owners by giving them a 10% tax rebate when paying with cryptocurrencies. Last year, the Miami leader showed similar intentions when he said he would allow residents to pay their taxes in BTC instead of US dollars.

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