Mayor of Rio de Janeiro to invest 1% of city’s treasury in BTC

The mayor wants Rio de Janeiro to follow in Miami’s footsteps and become a crypto hub

Rio de Janeiro mayor Eduardo Paes                                 
Eduardo Paes, mayor of Rio de Janeiro, at a press conference in August 2014 – Photo:Alamy

Eduardo Paes, the mayor of Rio de Janeiro, has announced he plans to invest 1% of the city’s treasury reserves in bitcoin (BTC). This would make Rio the first Brazilian city to purchase the primary cryptocurrency as a store of value.

The mayor announced his plans at Rio Innovation Week, while discussing BTC with Francis Suarez, who is the mayor of Miami, Florida, and a well-known crypto advocate.

According to Brazilian  newspaper O Globo, Paes said: “We are going to launch Crypto Rio and invest 1% of the Treasury in bitcoin.”

“Tech capital of South America”

The mayor of Rio de Janeiro praised Suarez for his efforts to transform Miami into a crypto hub. Paes said he wants Rio to follow in Miami’s footsteps and become, similarly, a crypto hub for South America.

Paes said: “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.”

The mayor is also looking to offer a 10% discount to those who pay their taxes using the leading crypto.

Following Miami’s lead

In January 2021, Miami mayor Suarez said that he was considering moving some of the city’s treasury reserves into BTC, adding that he wanted to diversify the city’s investment portfolio by investing in the cryptocurrency.

Suarez said: “We are looking at the possibility of diversifying our investment portfolio, and having and holding a percentage of our investments in bitcoin.”

The mayor has also said he is actively looking into allowing workers to be paid in BTC, which would allow them to choose to receive part or all their pay in crypto. He has also suggested letting some tax payments be made in crypto.

In November 2021, Suarez said he will be accepting his next pay cheque entirely in BTC.

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