Rio de Janeiro could invest 1% of its reserves in bitcoin
Rio de Janeiro Mayor Eduardo Paes said that the capital could become the first city in Brazil to acquire bitcoin as a savings vehicle.
It is possible that Paes wants to follow in Suarez's footsteps, so he announced that today the city of Rio de Janeiro will publish a decree creating a special working group to deal with various issues related to the purchase of bitcoins. The initial goal is to allocate 1% of the city's currency reserves to BTC.
Over the past few years, the Brazilian real has lost more than 45% of its value against the U.S. dollar. Over the same period, BTC has gained 900% against the U.S. dollar.
Paes also promised that if Rio de Janeiro city residents decide to pay their taxes in BTC, they can get discounts of up to 7%.
