Rio De Janeiro, Brazil, is allocating 1% of the city’s reserves into Bitcoin. The decision was announced by Eduardo Paes, the mayor, during the Rio Innovation week. The mayor revealed that the city was planning to turn the city into a cryptocurrency hub by developing “Crypto Rio,”
During the Rio Innovation Week, Paes also had discussions about cryptocurrencies with Francis Suarez, a BTC bull alongside Miami’s mayor.
Brazil will exempt crypto from some tax regulations
Via a report published by O Globo, a local news agency, Paes stated that the cities would launch Crypto Rio soon and that everyone, including the Government, had a role to play. Paes added that the country planned to exempt the industry from specific tax regulations.
The exemptions will assist in creating the proper awareness of the use of cryptocurrencies across the country. The mayor discussed the potential of Rio’s cryptocurrency-related ambitions in a panel with Miami mayor and Bitcoin bull Francis Suarez.
Francis Suarez’s investments in the field began making headway last November when he accepted his paychecks in BTC. Other Brazilian Officials in the panel, such as finance secretary Pedro Paulo.
Paulo pointed out that the administration was considering placing a 10% discount on property tax for any purchase made with Bitcoin. The finance secretary added that every person should learn the legal framework required to use Bitcoin.
Brazil proposed the bill to regulate crypto fraud
Recently, the Brazilian Government declared its stance on the cryptocurrency industry. But, the Government supports the currency and even proceeded to draft a bill that legalizes any legit forms of cryptocurrency as payments.
The federal deputy, Luizao Goulart, proposed this bill to regulate the amount of fraud and illegal activity that troubles the industry. The proposed bill also details the regulations required for workers in both the private and public sectors to pay via cryptocurrencies.
As of December 2021, MercadoPago, a big crypto payment firm in Brazil, enabled Brazilian residents to buy, sell and hold significant cryptocurrencies like BTC. Other countries to accept cryptocurrencies include the U.S. El Salvador is the first country to adopt cryptocurrencies as legal tender.