Rio de Janeiro City Hall wants to use cash on hand to buy Bitcoins

Deepak Gupta
Deepak Gupta January 15, 2022
Updated 2022/01/15 at 3:24 PM

the mayor of Rio de Janeiro, Eduardo Paes, announced plans to invest a percentage of the Treasury in cryptocurrencies. During Rio Innovation Week, the politician spoke about measures he intends to take to transform the Fluminense capital into a more technological one.

During a lecture on the challenges of “transforming cities into technological hubs”, Paes said that the city government will launch “Cripto Rio” and invest 1% of the city’s Treasury in these assets. So much so, that last Friday (14th), the city hall created a Working Group to propose actions related to the development of this market with the aim of boosting the Carioca economy in the crypto universe.

Paes also mentioned, during the lecture, as future investments in innovation and technology, Porto Maravalley, an area of ​​Porto Maravilha with tax incentives for companies in the tech segment. The event had the participation of the mayor of Miami, Francis Suarez, who also made a port and seduced several companies in the American Silicon Valley, as explained by the politician from the Republican Party.

We create a tsunami of opportunity. Many cities in the United States were raising taxes, and we lowered them. We understood that we could be at the forefront of innovation and we invite creators here.“, said Suarez, via video call. A bitcoin enthusiast, he created MiamiCoin, the city’s cryptocurrency.

Paying IPTU with Bitcoin

The Working Group, coordinated by the Municipal Department of Finance and Planning in partnership with the Department of Economic Development, Innovation and Simplification, will study ways to encourage the use of coins through discounts to the taxpayer, such as in the payment of IPTU, for example. .

In an interview with the newspaper O Globo, secretaries Pedro Paulo, from Finance, and Chicão Bulhões, from Economic Development and Innovation, explained the objective.

We are studying the possibility of paying taxes with an additional discount if you pay with bitcoins. You get the 7% single quota discount (from the IPTU), it becomes 10% if you pay in bitcoin“, said Pedro Paulo. “Let’s study the legal framework to do this“, he added.

Bulhões, on the other hand, said that Rio de Janeiro will be the first city in this segment in Brazil.

These companies are in the Leblon and Ipanema regions and we want to decentralize as much as possible. We already have tax incentives approved, we already have a percentage of 2%, which we want to focus a lot on the Porto region, the arrival of these new actors as well“, says Chicao.


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Via: Rio de Janeiro’s city hall Source: The globe

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