The authorities of one of the largest cities in Brazil, Rio de Janeiro, have announced plans to create their own digital currency.
“We will create Crypto Rio” and invest 1% of the treasury in cryptocurrency, Mayor Eduardo Paes said, speaking at the Rio Innovation Week international conference.
The city government is planning to set up a working group with the goal of turning Rio de Janeiro into a “centre for cryptocurrency.”
“We are exploring the possibility of paying taxes with an additional discount if paying in bitcoin.” Pedro Paolo, head of the city’s finance department, explained that with a one-time payment, a 7% discount has already been given, and it could go up to 10% if you pay with bitcoin.
