Andrea Senko, secretary of finance and planning in Rio de Janeiro, recently said interview Her team shows that they are trying to drive Bitcoin (BTC) adoption by adding digital assets to the city’s financial portfolio.
What exactly do the authorities have in mind?
By integrating Bitcoin into Rio de Janeiro’s financial, social and technological framework, Senko has established itself as a destination for digital currency enthusiasts (from all over the world), Brazil’s premier crypto hub. I believe it can be transformed into. To support these efforts, the city government has established the City Commission for Cryptographic Investment (CMCI). According to Senko, its roles are:
“The City Council for Cryptographic Investment (CMCI), established in March 2022, is working on a governance model for policy and decision making on investing in crypto assets.”
In allocating 1% of the mayor’s finances to Bitcoin, she works with key economists and market analysts to identify potential fluctuations and risks that may arise in the future. I said I would explain.
Other parts of Brazil are not yet fully sold in Bitcoin
Rio de Janeiro seems to be working hard on Bitcoin adoption, but other local governments in Brazil are not interested in conducting such experiments.
The isolated initiative has gained some traction at the national level.Brazil’s central government recently released a detailed document outlining it. 0% tax About importing Bitcoin mining gear. The only caveat is that the equipment must be driven entirely on renewable energy.
Brazil currently houses one of the largest green energy matrices in the world. This is mainly due to that. Abundant Of hydropower. Therefore, more crypto-centric legislation could help unleash the country’s mining potential in the medium term.
Several other cities that have begun to integrate Bitcoin with various capabilities include Lugano, Switzerland, Fort Worth, USA, and Miami. At the same time, countries such as El Salvador and the Central African Republic have legalized the use of BTC within their borders.
History of Rio de Janeiro at BTC
Rio’s local government has been making fun of the world for over half a year with the adoption of large-scale Bitcoin. A few months ago, Mayor Eduardo Paes met with Miami Mayor Francis Suarez, who also plans to incorporate Bitcoin into Miami’s governance framework, to discuss allocating 1% of Rio’s finances to crypto assets.
The city government can also collect taxes in the form of Bitcoin, and discounts will be applied to individuals who choose to pay via cryptocurrencies to promote BTC as a payment medium.
