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As per reports, the mayor of Brazil to invest 1% of city treasury in Bitcoin.

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At Rio Innovation Week, Rio de Janeiro Mayor Eduardo Paes discussed Bitcoin with Miami Mayor and Bitcoin bull Francis Suarez.

 Rio de Janeiro's mayor, Eduardo Paes, intends to invest 1% of the city's reserve in Bitcoin (BTC), as per reports.

According to local news source O Globo, Paes allegedly outlined ideas for "Crypto Rio," or making the city into a crypto hub, at Rio Innovation Week on Thursday.

The mayor shared Rio's crypto goals on a discussion with Miami mayor and Bitcoin bull Francis Suarez, who began taking Bitcoin as payment in November 2021.

“We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency. The government has a role to play,” said Paes, the state is also preparing to give tax cuts for the industry.

Major Brazilian authorities were also on the panel, including city finance secretary Pedro Paulo, who stated that the government is seeking a 10% reduction on property tax in Brazil for Bitcoin payments. “Let's study the legal framework to do this,” he says.

The statement emerges as the Brazilian government changes its attitude on Bitcoin and the crypto sector, with federal deputy Luizo Goulart drafting a bill in November to authorize bitcoin as a payment option for public and private sector workers.

MercadoPago, a significant Brazilian crypto payment firm, permitted Brazilian residents to purchase, trade, and retain prominent cryptocurrencies like Bitcoin (BTC) and Ether (ETH) in December.

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