Rio De Janeiro to Allocate 1% of Treasury Reserves to Crypto: Report

The mayor of Rio de Janeiro said Thursday he plans to allocate 1% of Brazil’s second-most populous city’s treasury reserves to cryptocurrencies, according to a Globo report.

“We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency,” Eduardo Paes said at the Rio Innovation Week.According to Pedro Paulo, Rio de Janeiro’s finance secretary, the city plans to apply discounts to tax payments made with bitcoin. “You take the single quota discount of 7%, it would make 10% if you pay in bitcoin,” Paulo said, adding that the administration needs to study the legal framework.Miami Mayor Francis Suarez also spoke at the event, and discussed the challenges in transforming cities into technological hubs. In February, Saurez told CoinDesk he plans to place a portion of the Miami treasury in bitcoin.

Read more: Miami Mayor Suarez to Take Next Paycheck in Bitcoin

CORRECTION (Jan. 14, 14:08 UTC): Replaces references to bitcoin in headline, first paragraph and first bullet with the more general cryptocurrencies.

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