Home Cryptocurrency Brazilian mayor to reportedly invest 1% of city reserves in Bitcoin

Brazilian mayor to reportedly invest 1% of city reserves in Bitcoin

by Gordon James

A Brazilian mayor has announced plans to invest 1% of the city’s reserves in Bitcoin, and hopes that it will help reduce crime levels. The initial investment is expected to be around $30 million USD, according to Arlindo Costa de Oliveira, Mayor of Americana Municipality

The “brazilian mayor to reportedly invest 1% of city reserves in Bitcoin” is a news article that reports on the Brazilian mayor’s plan to invest 1% of the city’s reserves in Bitcoin. Read more in detail here: brazil bitcoin news.

 

According to Cointelegraph Brazil, Eduardo Paes, the mayor of Rio de Janeiro, intends to invest 1% of the city’s funds in Bitcoin (BTC).

According to a report by the regional news outlet O Globo, Paes allegedly unveiled plans for “Crypto Rio,” or transforming the city into a cryptocurrency center, on Thursday at Rio Innovation Week.

In a panel discussion with Miami mayor and Bitcoin bull Francis Suarez, who began receiving payments in BTC in November 2021, the mayor discussed Rio’s plans for cryptocurrencies.

“We’re launching Crypto Rio and putting 1% of the Treasury into cryptocurrencies. According to reports, Paes remarked, “The state is also intending to give tax breaks for the business. The government has a role to play.”

There were prominent Brazilian authorities on the panel as well, such local finance secretary Pedro Paulo, who said that the government is exploring a 10 percent reduction on Brazilian property tax for Bitcoin payments. Let’s research the applicable legal framework, he remarked.

Related: Brazil contemplates Related: ‘Mecca of mining’: Brazil considers zero tax on green Bitcoin mining taxes on environmentally friendly Bitcoin mining

The announcement comes as the Brazilian government softens its attitude on Bitcoin and the cryptocurrency market. In November, federal deputy Luizo Goulart proposed a law to legalize bitcoin as a form of payment for employees in the public and private sectors. Brazilian citizens were allowed to purchase, trade, and hold popular cryptocurrencies like BTC and Ether in December thanks to MercadoPago, a significant cryptocurrency payment company in that country (ETH).

The “u.s. crypto holders” is a report from the Brazilian mayor that he will invest 1% of the city reserves in Bitcoin. The move has been met with mixed reactions, some praising it for its transparency and others criticizing it for not being able to solve Brazil’s financial problems.

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