Brasilia: The Brazilian city of Rio de Janeiro is about to step into the digital currency. There are moves 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 the tax exemption would be given to those who pay taxes using Bitcoin. Rio de Janeiro offers up to 7% off single tax payments. If the tax is paid in 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.