Seems like south American countries are a lot more open toward making massive crypto investment. Of course, El Salvador takes the lead when it comes to crypto adoption and crypto investment. However, Brazil is not that far behind in the race for decentralized finance. Rio de Janeiro is planning to invest 1% of its treasury funds into cryptocurrencies. Stay with us as we explore the crypto investment strategy and how far it is from happening.
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Rio de Janeiro mayor Eduardo Paes announced the new strategy at Rio Innovation Week a few days ago. Rio is one of the largest cities in the world with a population of almost 7 million residents. Although the strategy is still in development phase, the city is looking to motivate people to make municipal payments by Bitcoin. Considering the large scale, it is certainly a daring move for Rio.
Rio’s secretary of finance Pedro Paulo stated that the city is looking to motivate the residents to use BTC for payments. Specifically, they are planning to offer discount on property taxes for payments via 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 10% if you pay in Bitcoin. Let’s study the legal framework so that we can do that.”
Miami’s Crypto Investment
Despite United States’ unclear stance on crypto, there are some politicians heavily investing on cryptocurrencies. Perhaps the foremost example of a mayoral laser-eyed Bitcoin supporter is Francis Suarez. Suarez was also there in Rio Innovation event. Miami is also deep in the competition to become a hub for crypto. They love it so much that they now have their own altcoin called MiamiCoin (MIA). As to what MiamiCoin exactly does, well it represents a city and that’s enough to generate millions of dollars.
MIA was essentially developed by CityCoins which is a development company. It is a proof-of-stake cryptocurrency and users can receive passive BTC dividened yields from it. And it managed to generate over $21 million in revenue in 2021. To be honest, those are rookie numbers and Miami should bump those numbers up. Joking aside, Miami is also developing their own crypto wallet for users to receive Bitcoin payments. These payments are derived from MiamiCoin projects.
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