City administration of Rio de Janeiro is considering adopting tax exemptions for payments made in cryptocurrencies like Bitcoin.
Paes reportedly announced plans for “Crypto Rio,” or turning the city into a cryptocurrency hub during Rio Innovation Week on Thursday, according to aThe mayor spoke about Rio’s cryptocurrency-related ambitions in a panel with Miami mayor and Bitcoin bull Francis Suarez, who started“We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency.
The panel also included major Brazilian officials like city finance secretary Pedro Paulo, who noted that the administration is considering a 10% discount on property tax in Brazil on payments with Bitcoin. “Let's study the legal framework to do this,” he said.
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