Rio’s Treasury Reserves to Be Made up of 1% Crypto, City May Enable BTC Tax Payments - Aliens: AI Crypto News & Markets Updates

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Rio’s Treasury Reserves to Be Made up of 1% Crypto, City May Enable BTC Tax Payments

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Cryptonews

Fri, Jan 14, 2022

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Brazil’s former capital city, Rio de Janeiro, might start holding crypto in its treasury, its Mayor has revealed.

Paes was quoted as stating that Rio was “going to launch” an incentive named Cripto Rio and “invest 1% of the treasury in cryptocurrency.” Paes also said he would publish a decree to establish a working group to tackle the topic of crypto.

The media outlet quoted two Rio officials – Pedro Paulo, from the Finance Department, and Chicão Bulhões, of the Economic Development and Innovation team – as telling it about the Mayor’s plans to “transform the city into a cryptocurrency hub.” Paulo was quoted as stating: “We are studying the possibility of [allowing citizens to] pay taxes with an additional discount if they pay in bitcoin (BTC) .” He added that Urban Building and Land Tax (property tax) discounts could be boosted should citizens choose to pay their bills in BTC and that the city was now “studying the legal framework” to facilitate such a move.

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