Major City Investing One-Percent of Its Treasury in Crypto, Mulling Possible Bitcoin Tax Discount

Another major city is leaping head-on into the crypto world by investing in the digital space and offering discounts to citizens who pay taxes in Bitcoin (BTC).

Rio de Janeiro, a South American city of about 7 million people, is currently planning to invest 1% of its financial resources in cryptocurrencies.

According to Brazilian newspaper O Globo, Rio de Janeiro Mayor Eduardo Paes announced a new investment strategy at Rio Innovation Week on Thursday.

Rio’s Finance Minister Pedro Paulo said the city could offer discounts to residents who pay property taxes in bitcoin.

“If you pay with Bitcoin, we are looking into the possibility of paying taxes with an additional discount.

You get 1 personalization discount of 7%, if you pay with Bitcoin it will be 10%.

Let’s study the legal framework so we can do that. “

Paes spoke with another pro-BTC mayor, Miami Mayor Francis Suarez, at the Rio Innovation event.

Suarez has sought to publicly position Miami as a cryptocurrency hub. In September, the South Florida city government decided to accept millions of dollars generated from the city’s own digital asset, MiamiCoin (MIA).

CityCoins Inc, a crypto-development company, first announced it in June. The launch of a decentralized altcoin in August. As of November, MIA has generated over $21 million in revenue.

Suarez also announced in November that the South Florida city is planning to develop a digital wallet for users to receive Bitcoin payments from the MiamiCoin project. According to the mayor, users can bet on MIA and get negative Bitcoin dividend returns from the tokens.

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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors need to do their due diligence before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfer and transactions are your own responsibility and any loss you may incur is your responsibility. Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets. Also, Daily Hoddle is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Images: Shutterstock / Supawat Eurthanaboon / Sensvector

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