Rio de Janeiro to buy Bitcoin as a store of value

The Mayor of Rio de Janeiro – Eduardo Paes – has announced the city will buy Bitcoin as a store of value.

Paes, the 13th mayor of Rio de Janeiro, confirmed he will buy Bitcoin for city reserves after he is done with establishing a working group that will deal with the matters of accepting Bitcoin for the city’s funds.

In the presence of ‘Bitcoin mayor’ – Miami’s Francis Suarez – Paes revealed that 1% of the Treasury of Rio de Janeiro would be in Bitcoin.

He also added the city administration will provide a 10% discount on taxes when paid in Bitcoin.

According to Paes (main picture), Rio de Janeiro wanted to pursue the Bitcoin adoption movement to become the tech capital of South America, following Miami, which even has its own cryptocurrency – MiamiCoin.

“Rio de Janeiro has everything it takes to become the tech capital of South America. Events like the Rio Innovation Week come to strengthen the city’s image as the perfect place to work, live and innovate,” Paes said.

“Miami and Rio are global cities, attracting people, businesses, and organisations. This international dialogue is essential.”

However, it still needs to be seen how many coins the city will be able to buy in the market when it acts.