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Rio de Janeiro – a popular tourist destination in the South American country of Brazil – is looking to become the nation’s biggest crypto hot spot.

The city has already laid out plans to begin purchasing bitcoin and add the digital currency to its balance sheet.

Eduardo Paes – the mayor of Rio de Janeiro – explained in a statement that he is currently organizing a committee that will study ways to potentially incentivize crypto use within the city to boost the economy.

Late last week, Paes spoke at an event called Rio Innovation to highlight his plans for turning the city into the world’s newest digital currency and technology center.

He has also stated that digital currencies could be used to fund city projects.

This is likely stemming from the powerful progress made in the Central American nation of El Salvador, which last year, became the first country to declare bitcoin legal tender.