Facebook X (Twitter) Instagram
    Crypto AcademyCrypto Academy
    • Home
    • News
    • Price Predictions
    • Price Analysis
    • NFTs
    • Learn
    • Press Releases
    • Coins
      • Bitcoin
      • Ethereum
      • Cardano
      • Safemoon
      • Dogecoin
    • Advertise on Crypto Academy
    Facebook X (Twitter) Instagram Telegram
    Crypto AcademyCrypto Academy
    Home»News»The Mayor of Brazil Will Invest 1% of The City’s Funds in Bitcoin
    News

    The Mayor of Brazil Will Invest 1% of The City’s Funds in Bitcoin

    Atis. ShBy Atis. ShJanuary 15, 20222 Mins Read
    The Mayor of Brazil Will Invest 1% of The City's Funds in Bitcoin
    Share
    Facebook Twitter LinkedIn Email Reddit Telegram WhatsApp

    New discussions at Rio Innovation Week about Bitcoin (BTC) investments sparked between the mayors of Rio de Janeiro and Miami.

    The mayor of Rio de Janeiro, Eduardo Paes, intends to invest 1% of the city’s budget in Bitcoin.

    According to a report by local news firm O Globo, Paes outlined plans for “Crypto Rio,” or the city’s transformation into a cryptocurrency hub. This announcement happened during Rio Innovation Week on Thursday.

    The mayor’s attention stands on Rio’s cryptocurrency ambitions for the future. During the discussion panel, sources revealed that the Bitcoin bull Francis Suarez began taking Bitcoin as payment in November 2021. So naturally, this has incited more attraction from the Paes’ side. 

    In a statement, Paes has claimed that the government has a crucial role in starting Crypto Rio and putting 1% of the city treasury into cryptocurrencies. In addition, he added that the state is considering tax breaks for the industry.

    Major Brazilian authorities were present on the panel, including city finance secretary Pedro Paulo. He stated that the administration is exploring a 10% discount on property tax in Brazil for Bitcoin payments. Paulo is very optimistic about diving into the legal structure to achieve the goal of discounting property taxes. 

    Brazil’s Relations With Bitcoin

    Correspondingly, the announcement comes as the Brazilian government softens its attitude on Bitcoin and the cryptocurrency business. In addition, federal deputy Luizo Goulart presented a measure in November to legalize Bitcoin as a payment option for public and private sector employees. 

    Similarly, MercadoPago, a sizeable Brazilian crypto payment service, facilitated Brazilian citizens to purchase, sell, and hold cryptocurrencies like Bitcoin and Ethereum (ETH). This decision-making was made in December. 

    Also read:

    ETH Whale Just Bought 8M Dogecoin as Tesla Starts Accepting DOGE Payments

    BTC Hash Rate Soars as Block Mining System is Confirmed by Jack Dorsey

    Elon Musk Reveals “Dogecoin Acceptable As Payment For Tesla Merch”

    CMC Accused of Listing 3 Fake and Unsafe Contract Addresses by SHIB

    Previous ArticleBored Apes Price – What is the Cheapest Bored Ape?
    Next Article Redacted Cartel Price Prediction 2022 and Beyond – Can BTRFLY Reach $10,000?

    Related Posts

    U.S. Bond Yields & National Debt Bullish for Bitcoin

    SBF Trial Begins: Day One Highlights

    Ethereum Futures ETFs Debut in the US

    U.S. Bond Yields & National Debt Bullish for Bitcoin

    October 4, 2023

    SBF Trial Begins: Day One Highlights

    October 4, 2023

    Ethereum Futures ETFs Debut in the US

    October 4, 2023

    Impressive Inflows for Solana in 2023

    October 4, 2023

    XRP Surge: SEC Appeal Denied, Singapore License Secured

    October 4, 2023
    Facebook X (Twitter) Instagram Telegram RSS
    • Home
    • Advertise on Crypto Academy
    • Terms and Conditions
    • Privacy Policy
    © 2023 Crypto-Academy.org. All rights reserved.

    Type above and press Enter to search. Press Esc to cancel.

    Go to mobile version