Rio de Janeiro wants to buy Bitcoin with 1% reserve of the city

According to Mayor Eduardo Paes, Rio de Janeiro is all set to buy Bitcoin. The city wants to invest 1% of its reserves. Rio will be the first-ever Brazilian city to buy crypto as a store of value.


Discount on tax payments with Bitcoin

In addition to buying Bitcoin with the city’s reserves, the mayor also talked about some tax benefits for paying with Bitcoin. For those who choose to pay with Bitcoin, he gave a 10% discount on taxes. This includes, for example, the urban construction or land tax.