Another major city has taken the plunge into crypto by investing in the digital space and offering discounts to citizens who pay their taxes with Bitcoin (BTC).
Rio de Janeiro, a city of around 7 million people in South America, plans to invest 1% of its treasury funds in cryptocurrencies.
Rio mayor Eduardo Paes announced the new strategy at Rio Innovation Week, according to Brazilian newspaper O Globo.
Rio’s secretary of finance, Pedro Paulo, says that the city may offer discounts to residents who pay their property taxes in bitcoin.
We are studying the possibility of paying taxes with an additional discount if you pay with Bitcoins.
You take the discount of the single quota of 7%, it would be 10% if you pay in Bitcoin.
Let’s study the legal framework so that we can do that.
Eduardo Paes
During the Rio Innovation event, Paes discussed BTC with Miami Mayor Francis Suarez, another mayoral BTC supporter.
Suarez has publicly endorsed Miami as a crypto hub. The South Florida city’s government voted in September to accept millions of dollars generated by MiamiCoin (MIA), the city’s very own digital asset.
First announced in June, crypto development company CityCoins Inc. launched the decentralized altcoin in August. MIA had generated more than $21 million in revenue as of November.
Suarez also announced in November that the South Florida city planned to develop digital wallets for users to receive Bitcoin payments derived from the MiamiCoin project. Users will have the ability to stake their MIA and receive passive Bitcoin dividend yields from the token, according to the mayor.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
