Rio de Janeiro Wants to Become Brazil’s Cryptocurrency Capital

Brazil’s tourist hot spot of Rio de Janeiro now wants to become the nation’s cryptocurrency capital, and plans to dedicate part of its reserves to digital money

Eduardo Paes.
By Andrew Rosati
January 16, 2022 | 09:54 AM

Bloomberg — Brazil’s tourist hot spot of Rio de Janeiro now wants to become the nation’s cryptocurrency capital, and plans to dedicate part of its reserves to digital money.

In a decree published Friday, Rio mayor Eduardo Paes announced the creation of a working group to study ways to incentivize the use of crypto and boost the city economy, such as offering discounts when paying taxes with Bitcoin.

On Thursday, Paes spoke at Rio Innovation week and outlined his plans to transform a city better known for its beaches and raucous street parties into a tech hub. Miami mayor Francis Suarez, one of the most outspoken proponents of digital currencies among U.S. officials, also participated in the event.

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“We are going to launch Crypto Rio and invest 1% of our public funds in cryptocurrency,” Paes said on Thursday, according to business daily ValorEconomico.

According to the decree, digital money may also be used to fund city projects. The working group is set to publish the results of its study in 90 days.