Rio De Janeiro is planning to allocate 1% of its treasury to bitcoin and offer discounts for tax payments made using the digital asset.
The mayor of the Brazilian city, Eduardo Paes, commented during Rio Innovation week that Crypto Rio was underway.
Rio’s finance secretary, Pedro Paulo, says that a single quota discount of 7% in tax payments would be 10% if paid in BTC.
Rio is the financial hub of Brazil, and the plan could be a game changer in the adoption of BTC if it sails through.
Miami mayor Francis Suarez, who also participated in the event, cited potential challenges in turning cities into tech hubs.
Suarez had previously hinted at his plans of apportioning part of his jurisdiction’s treasury into the digital asset.