Rio de Janeiro, one of the largest cities in Brazil, will reportedly put some of its funds in cryptocurrency investments, according to statements from mayor Eduardo Paes.
Following in the footsteps of Miami, Paes is also planning to establish tax incentives and discounts for users who pay with bitcoin. Finance Secretary Pedro Paulo explained they are looking into offering a 10% discount for users paying certain taxes with bitcoin. However, he also stated that study of regulations to apply these changes effectively is necessary.
Chicão Bulhões, secretary of the economic development and innovation team, stated that these tax incentives were focused on attracting more companies involved with cryptocurrency from other regions of the country. Bulhões remarked:We already have tax incentives approved, we already have a percentage of 2%, and we want to focus a lot on the Porto region for the arrival of these new actors as well.
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