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Rio de Janeiro Announces Entry in Crypto

Rio de Janeiro might launch its official coin.

Mayor of Rio de Janeiro, Eduardo Paes announced this Thursday, at Rio Innovation Week, that the City of Rio de Janeiro plans to invest in cryptocurrency.

“We are going to launch Crypto Rio and invest 1% of the Treasury in cryptocurrency”, as reported by a local news agency O Globo.

Crypto Rio could be a policy initiative or a token.

A Brazilian crypto news outlet, Portal do Bitcoin reported that Crypto Rio could be the city’s official token.

It was also revealed that the City plans to make Rio a cryptocurrency hub.

He mentioned that the City could provide tax incentives to tech companies for investment in innovation and technology. A special tech zone will be set up in Porto Maravalley, an area of ​​Porto Maravilha.

According to Pedro Paulo, Rio de Janeiro’s finance secretary, the City plans to provide discounts to taxes paid in Bitcoin. “You take the single quota discount of 7%, it would make 10% if you pay in bitcoin.”

Back in August 2021, the City of Miami also launched its token called MiamiCoin.

Today cities can have their coins which can generate revenue from their native crypto tokens. Gone are the times when places were known just for their culture, monuments, or culinary dishes.

Now they are competing to have a mark on the crypto-verse by launching their tokens.

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