Another major metropolis is jumping headfirst into the world of crypto by investing in the digital space and proposing discounts for citizens paying taxes in Bitcoin (BTC).
Rio de Janeiro, the South American city of almost 7 million people, now plans to invest 1% of its treasury funds into crypto.
According to Brazilian newspaper O Globo, Rio de Janeiro mayor Eduardo Paes announced the new investment strategy at Rio Innovation Week on Thursday.
Pedro Paulo, Rio’s secretary of finance, says the city may offer discounts to residents who pay their property taxes in Bitcoin.
“We are studying the possibility of paying taxes with an additional discount if you pay with Bitcoins.
You take the discount of the single quota of 7%, it would be