Rio de Janeiro to Acquire BTC and Build Crypto City

by in Cryptocurrency News

Rio de Janeiro crypto city

Brazilian city Rio de Janeiro’s mayor Eduardo Paes, disclosed plans to buy BTC with 1% of the city's treasury funds at the Rio Innovation Week.

Related: First green Bitcoin ETF may appear in Brazil

Also, he said that there'll be up to 10% discount on prices in the case of BTC payments.

As Paes stated, Rio aims to turn into South America's tech center after Miami. The mayor of Miami, Francis Suarez was among the speakers of the event. Eduardo Paes mentioned that both Miami and Rio are global countries as they attract people, businesses, and institutions. Multinational communication between the cities is essential, Paes noted.

To realize the intention, the city needs to set a legal framework. For this purpose, mayor Paes published a decree, according to which a Working Group will put forward actions on the Crypto City development.

The group will study ways to promote the use of cryptos and explore the possibility of the municipality for crypto investments. As announced, results of the studies will be announced within 90 days.