The mayor of Rio De Janeiro, Eduardo Paes, has introduced that his metropolis will grow to be one other crypto hub, and that it will likely be the primary Brazilian metropolis to take a position 1% of its treasury into Bitcoin.
Mayor Paes was attending the Rio Innovation Week alongside the mayor of Miami Francis Suarez, who can be professional Bitcoin, and named his personal metropolis a cryptocurrency hub solely final 12 months.
The place Miami is presently the hub for crypto in North America, Paes has simply made Rio the foremost hub of South America with this announcement. He mentioned:
“Rio de Janeiro has the whole lot it takes to grow to be the tech capital of South America. Occasions just like the Rio Innovation Week come to strengthen the town’s picture as the right place to work, dwell, and innovate.”
Following within the footsteps of Miami’s mayor, Paes can be permitting the town’s residents to pay their taxes in bitcoin, and giving them a 10% low cost incentive for doing so.
In November final 12 months, Brazilian congressman Luiz Goularte proposed a invoice that may allow all private and non-private sector employees to be paid in bitcoin. The invoice laid out that the employees can be allowed to stipulate the share of crypto and fiat forex that they might obtain. The invoice additionally proposed that every one employers can be certain to honour the alternatives.
The truth that Rio De Janeiro is such a serious metropolis in Brazil, primarily based on inhabitants, and financial growth, makes this announcement extraordinarily promising for bitcoin and different cryptocurrencies.
The chances should absolutely be on different cities doing an identical factor so as to not get left behind. One other nation following after El Salvador should even be on the playing cards.
The dominos are beginning to fall. As soon as these first few teeter and fall it will likely be nigh on unattainable for governments tied into the failing fiat financial system to place a cease to it.
The trickle will grow to be a flood, and all cities and international locations that wish to assist their residents escape the present stranglehold of the banks will little doubt wish to give their residents the selection and alternative supplied by non-public and self-owned crypto property equivalent to bitcoin.
Disclaimer: This text is offered for informational functions solely. It’s not supplied or meant for use as authorized, tax, funding, monetary, or different recommendation.