Rio de Janeiro has taken a first step towards becoming a “cryptocurrency hub” as it is set to allocate one percent of its treasury reserves to Bitcoin.
Mayor Eduardo Paes says that this move is just one of many steps in transforming Rio into a crypto hub. In the long run, the city hopes to offer tax incentives to those paying in Bitcoin — as much as a 10 percent tax reduction on buying a property.
Eduardo Paes says “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.”