Brasilia: The Brazilian city of Rio de Janeiro is preparing to step into the digital currency. Efforts are underway to make Rio the capital of cryptocurrency. To this end, the Treasury will launch a new digital currency with a percentage of reserve investment. This was announced by Rio Mayor Eduardo Pius.
He also shared the hope that the advent of the new digital currency will boost the city’s economy. He added that tax exemptions would be allowed for those who pay taxes using Bitcoin. Rio de Janeiro offers up to 7% off single tax payments. If this tax is paid using Bitcoin, it will be 10 percent.
Speaking at the Rio Innovation Meet, the mayor opened his mind to his plans. The mayor of the US city of Miami also attended the ceremony. He said the decision was made to use the money raised through digital currency for development activities in the city.