Mayor Eduardo Paes announced his plan to invest 1% of their treasury in Cryptocurrencies during the Rio Innovation Week on Thursday. On Friday, Paes published a decree establishing a working group on the subject. He spoke about the challenges involved in transforming metropolises into technological hubs in a lecture with the Mayor of Miami Francis Suarez.
At the end of the lecture, secretaries Pedro Paulo, from the Treasury, and Chicão Bulhões, from Economic Development and Innovation, revealed the prospect of a 10% extra reduction if taxes are paid in bitcoin. Paulo stated that if the Urban Building and Land Tax (iptu) in Brazil is paid with bitcoin, the single quota of 7% (iptu) will turn to 10%.
The mayor of Rio de Janeiro also mentioned tax breaks for IT enterprises in the Maravalley Port, porto maravilha region, while talking about future investments in innovation and technology. According to the Republican Party lawmaker, Miami de Suarez did something similar and as a result, attracted numerous Silicon Valley corporations in the United States.
Chicão Bulhões believes that Rio de Janeiro will be a pioneer city in the tech industry, particularly in terms of treasury investment in crypto assets, and the plan is to expand firms from this universe outside the South Zone. He stated his intention to decentralize as many firms as possible in the Leblon and Ipanema areas. as well as concentrating similar new enterprises in the Porto region.
