Rio de Janeiro will allocate 1% of its treasury reserves to cryptocurrencies with regulations set to implement discounts on Bitcoin tax payments, Coindesk reported.

  • The announcement was made by Mayor Eduardo Paes during the Rio Innovation Week, adding that the city is set to launch Crypto Rio. Additional details on the digital token were not immediately available.
  • Rio Finance Secretary Pedro Paulo said the city is also looking at as much as 10% discounts for Bitcoin tax payments versus the single quota discount of 7%. Further studies are needed for the legal framework.
  • Among the speakers of the event is Miami Mayor Francis Suarez, who discussed the difficulties in developing cities into technological hubs. He earlier announced plans to allocate a part of Miami treasury in Bitcoin. BTC is down 2.73%, ETH down 3.29%, and XRP down 2.78%.