Rio de janeiro mayor eduardo paes has promised to invest 1% of the city’s treasury in cryptocurrencies, according to o globo, a brazilian news portal.

“we’re going to launch cripto rio and invest 1 percent of the treasury in cryptocurrencies,” paes reportedly stated during a chat with miami mayor francis suarez during rio innovation week. it has been reported by o globo that rio de janeiro’s agricultural and planning secretaries pedro paulo and chico bulhes seek to make the city an international center for the cryptocurrency industry.

paulo said, “we’re looking into the possibility of a tax discount if you pay using bitcoin.”

a bill to regulate digital currencies was recently approved by the brazilian legislature and was signed into law in october. it was proposed by aureo ribeiro, a solidariedade party member, that bitcoin should be recognized as a legitimate form of payment.

in the battle of miami against rio de janeiro, investing some of miami’s reserves in bitcoin was permitted by the city council in february of last year.

mayor suarez said at the time: “i think we’re on the verge of a major seismic shift in this area. an industry that is loud, vehement, and on the rise would be sent the correct message if this was implemented.”

in miami, on the other hand, this proposition has not yet been made official. the brazilian crypto hub could surpass miami’s goals if bitcoin is included in rio de janeiro’s 1 percent investment plan.

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