Rio de Janeiro authorities will buy bitcoins for a portion of the city’s budget

What Happened?

Rio de Janeiro’s secretary of finance and planning, Andrea Senko, said authorities will begin to encourage the introduction of bitcoin into the city’s financial system. To that end, the government will purchase BTC for the city’s treasury, she told in a recent interview. Senko believes that the integration of the first cryptocurrency into the financial, social and technological structure will make Rio de Janeiro the main cryptocurrency hub of Brazil.

What else did Senko add?

The Rio de Janeiro administration announced back in January that it plans to convert 1 percent of the city’s budget into bitcoins. The finance minister added that the transaction and further management of the digital assets would take place with the participation of leading economists and analysts. Also in March this year, the city government created the Municipal Committee for Cryptoinvestment (CMCI) to implement its plan.

Previously, Rio de Janeiro authorities announced the possibility to pay property taxes with cryptocurrencies. If the legislation is amended, it will be available as early as 2023.

Will Sparrow

Written by Will Sparrow

Programmer. Recently, the main activity is programming smart contracts on Solidity in the Ethereum blockchain. Development of websites using smart contracts as part of their functionality.

Has experience in developing services using Lightning Network technology.

Actively interested in everything related to blockchains and cryptocurrencies.

Leave a Reply


Your email address will not be published.

eleven + 13 =

GIPHY App Key not set. Please check settings