• Market Cap: $1,086,274,412,038.43
  • 24h Vol: $81,148,267,127.27
  • BTC Dominance: 45.81%
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Rio De Janeiro Moves Forward With Bitcoin Integration

Jon Hartney by Jon Hartney
July 27, 2022
in Bitcoin, Blockchain, Business, Market
0
Rio De Janeiro Moves Forward With Bitcoin Integration
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The secretary of finance and planning commented on the city’s plans to put a percentage of the treasury into bitcoin. Brazil has tax breaks for bitcoin miners.

Related articles

OpenAI CEO highlights South Korean chips sector for AI growth, investment

OpenAI CEO highlights South Korean chips sector for AI growth, investment

June 10, 2023
Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

June 10, 2023

This is an opinion editorial by João, founder of Boletim Bitcoin, a Brazilian website focused on Bitcoin, and contributor at Bitcoin Magazine.

In an exclusive interview with the Brazilian portal Boletim Bitcoin, Andrea Senko, Rio de Janeiro’s secretary of finance and planning, commented on the city’s adoption of bitcoin and cited the likely purchase of bitcoin for the city government’s coffers.

Rio De Janeiro And Bitcoin

For some months now, Rio de Janeiro’s city government has been getting closer to bitcoin. On a number of occasions, city representatives, such as Mayor Eduardo Paes, have commented on their plans.

During Rio Innovation Week, Eduardo Paes met with Miami Mayor Francis Suarez, who is looking to integrate bitcoin in Miami. Paes stated that Miami is one of the inspirations for Rio de Janeiro and later said that the city was studying “applying 1% of the treasury to cryptocurrency.”

During the event, Pedro Paulo, secretary of finance, also stated that the city government is open to receiving tax payments in bitcoin. Paulo said, “We are studying the possibility of paying taxes with an additional discount if you pay with bitcoins.” This would encourage the use of bitcoin as payment.

Plans For The City

When asked about the idea of the city integrating bitcoin, Senko highlighted it as a pillar of Rio de Janeiro’s technological growth.

“Rio, because of its vocation as a global city, is aware of the world’s main changes and innovations, and always places itself at the forefront of these issues. The city looks to the future, and the City Hall has been following the technological and economic advances […]. The goal is to make Rio the crypto ecosystem of Brazil, contributing to the city becoming the innovation and technology capital of the country. “

To help with the integration, Rio de Janeiro’s city government created the Municipal Committee for Crypto Investments (CMCI). When asked about the activities under discussion by the institution, the Finance Secretariat stated:

“The Municipal Committee for Cryptoinvestments (CMCI), established in March 2022, works on a policy for investment in crypto assets and a governance model for decision making.”

Senko commented on the idea of the city allocating 1% of the mayor’s treasury in bitcoin:

“This purchase will follow a methodology that is attentive to the swings and risks of this market and is under development by City Hall.”

On the adoption of Bitcoin by El Salvador and the Central African Republic, Senko said it is “positive that the country is open to the crypto asset market.”

Despite the Rio de Janeiro representative’s positive statements about bitcoin adoption, it was reported that no other local municipality has contacted her to jointly study the possibility:

“To date, we have not been approached by other public entities to study this possibility together with Rio de Janeiro. “

Despite the isolated initiative at the municipal level in Rio de Janeiro, Brazil is following a positive regulatory path for bitcoin adoption. In May of this year, the Brazilian government published a resolution that zeroes the tax on the import of equipment for bitcoin mining, as long as the activity is done with renewable energy.

Due to the hot tropical climate and economic conditions that are not very favorable for the activity, large-scale mining is practically nonexistent in the country. However, the change in legislation could unlock a gigantic market since the country of more than 210 million people has a predominantly green energy matrix, coming mainly from hydroelectric plants.

Cities And Bitcoin

In the last year, a number of cities have begun to integrate in different ways with bitcoin, in what seems to be the beginning of a modest adoption by governments.

In March 2022, the city of Lugano, Switzerland, established bitcoin as a legal currency, as well as making a commitment to becoming an educational hub for the cryptocurrency.

In addition, Lugano will host the Plan B Forum, an event focused on discussing the global adoption of bitcoin and the defense of free speech.

The city government of Fort Worth was the first city in the United States to start a bitcoin mining operation. Through a grant from the Texas Blockchain Council, an institution focused on mining advocacy in the state, three mining platforms were installed in the city’s Information Technology Solutions Department.

“With blockchain technology and cryptocurrency revolutionizing the financial landscape, we want to transform Fort Worth into a tech-friendly city,” said Mayor Mattie Parker.

Probably the most notorious case of a city adopting bitcoin is Miami, which is serving as an inspiration for Rio de Janeiro. Through a series of initiatives by Mayor Francis Suarez, the city is incorporating bitcoin into its local economy.

During the Rio Innovation Week event, Francis Suarez reaffirmed his commitment that taxes can be paid in bitcoin:

“I see very quickly a world where the Satoshi system is what is used to make payments; we need to make that leap,” the mayor said. “We need people to understand that bitcoin is increasing in value and yes, we want you to have bitcoin, a better currency, frankly.”

In this way, cities begin to spontaneously integrate with bitcoin. Its network effect and success in becoming a sovereign store of value could radically change which regions adopt it first.

Miami, Rio de Janeiro, Lugano, El Salvador and other regions are taking the lead in global bitcoin adoption in what might be called the “Digital Gold Rush.”

Should bitcoin become the dominant money, the wealth provided by a bitcoin standard has the potential to transform these regions into the world’s new financial and technological capitals, driven by the use of sound money and the adoption of revolutionary technology.

This is a guest post by João. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

Read Entire Article
Tags: bitcoinMagzineCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

OpenAI CEO highlights South Korean chips sector for AI growth, investment

OpenAI CEO highlights South Korean chips sector for AI growth, investment

by Jon Hartney
June 10, 2023
0

Sam Altman confirmed ongoing discussions with chipmaking companies like Samsung Electronics and expressed his

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

by Jon Hartney
June 10, 2023
0

The Act aims to enhance fiscal transparency, boost revenue and recognize cryptocurrencies as legitimate assets

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

by Jon Hartney
June 10, 2023
0

The CFTC highlighted that “critically, in a precedent-setting decision” the Ooki DAO was held in court as

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

by Jon Hartney
June 10, 2023
0

The group of scammers have recently taken over accounts belonging to the founder of Pudgy Penguins, the CTO of OpenAI

SEC charges against Binance and Coinbase are terrible for DeFi

SEC charges against Binance and Coinbase are terrible for DeFi

by Jon Hartney
June 10, 2023
0

The SEC’s charges against Binance and Coinbase could have far-reaching consequences for decentralized finance

Load More
  • Trending
  • Comments
  • Latest
NEXO risks 50% drop due to regulatory pressure and investor concerns

NEXO risks 50% drop due to regulatory pressure and investor concerns

September 30, 2022
51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

October 14, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022
Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

October 11, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0
Crypto owners banned from working on US Government crypto policies

Crypto owners banned from working on US Government crypto policies

0
Korean startup Uprise lost $20M shorting LUNC

Korean startup Uprise lost $20M shorting LUNC

0
Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0
OpenAI CEO highlights South Korean chips sector for AI growth, investment

OpenAI CEO highlights South Korean chips sector for AI growth, investment

June 10, 2023
Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

June 10, 2023
Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

June 10, 2023
Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

June 10, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • OpenAI CEO highlights South Korean chips sector for AI growth, investment June 10, 2023
  • Nigeria to tax crypto, digital assets 10% on capital gains: Experts react June 10, 2023
  • Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC June 10, 2023
  • Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts June 10, 2023
  • SEC charges against Binance and Coinbase are terrible for DeFi June 10, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$25,700.00-3.53%
  • ethereumEthereum(ETH)$1,744.02-5.42%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.12%
  • binancecoinBNB(BNB)$237.73-8.69%
  • usd-coinUSD Coin(USDC)$1.000.11%
  • rippleXRP(XRP)$0.496348-6.08%
  • staked-etherLido Staked Ether(STETH)$1,742.85-5.41%
  • cardanoCardano(ADA)$0.240373-23.89%
  • dogecoinDogecoin(DOGE)$0.059814-12.14%
  • tronTRON(TRX)$0.068530-11.97%
  • solanaSolana(SOL)$14.67-23.34%
  • litecoinLitecoin(LTC)$77.15-12.64%
  • polkadotPolkadot(DOT)$4.46-11.13%
  • matic-networkPolygon(MATIC)$0.58-26.20%
  • binance-usdBinance USD(BUSD)$1.000.08%
  • daiDai(DAI)$1.000.13%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$25,706.00-3.56%
  • avalanche-2Avalanche(AVAX)$11.46-17.80%
  • shiba-inuShiba Inu(SHIB)$0.000006-18.64%
  • leo-tokenLEO Token(LEO)$3.52-0.65%
  • uniswapUniswap(UNI)$3.96-14.13%
  • chainlinkChainlink(LINK)$5.01-16.44%
  • okbOKB(OKB)$41.61-7.57%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • moneroMonero(XMR)$136.15-4.74%
  • cosmosCosmos Hub(ATOM)$7.80-16.65%
  • stellarStellar(XLM)$0.081339-6.58%
  • ToncoinToncoin(TON)$1.47-12.39%
  • ethereum-classicEthereum Classic(ETC)$14.50-14.97%
  • true-usdTrueUSD(TUSD)$1.000.02%
  • bitcoin-cashBitcoin Cash(BCH)$100.68-9.33%
  • internet-computerInternet Computer(ICP)$3.79-10.11%
  • lido-daoLido DAO(LDO)$1.83-17.89%
  • quant-networkQuant(QNT)$102.95-6.27%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • filecoinFilecoin(FIL)$3.36-17.98%
  • hedera-hashgraphHedera(HBAR)$0.043762-10.77%
  • crypto-com-chainCronos(CRO)$0.051407-12.12%
  • ArbitrumArbitrum(ARB)$1.02-10.62%
  • AptosAptos(APT)$5.97-22.64%
  • nearNEAR Protocol(NEAR)$1.22-14.18%
  • vechainVeChain(VET)$0.014878-14.24%
  • paxos-standardPax Dollar(USDP)$1.000.07%
  • fraxFrax(FRAX)$1.000.15%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • BSCEXBSCEX(BSCX)$238.3267.45%
  • the-graphThe Graph(GRT)$0.095840-14.68%
  • apecoinApeCoin(APE)$2.33-19.81%
  • rocket-poolRocket Pool(RPL)$44.00-7.27%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,873.50-5.47%
  • algorandAlgorand(ALGO)$0.107171-14.20%
  • elrond-erd-2MultiversX(EGLD)$30.03-13.83%
  • render-tokenRender(RNDR)$2.07-10.62%
  • aaveAave(AAVE)$52.73-12.09%
  • eosEOS(EOS)$0.68-24.15%
  • usddUSDD(USDD)$1.00-0.04%
  • optimismOptimism(OP)$1.09-21.31%
  • the-sandboxThe Sandbox(SAND)$0.378329-21.83%
  • blockstackStacks(STX)$0.50-20.96%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.72-1.85%
  • Bitget TokenBitget Token(BGB)$0.479714-2.13%
  • tezosTezos(XTZ)$0.72-14.53%
  • fantomFantom(FTM)$0.238284-19.21%
  • BitDAOBitDAO(BIT)$0.440484-8.09%
  • theta-tokenTheta Network(THETA)$0.64-16.31%
  • radixRadix(XRD)$0.061935-7.96%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • decentralandDecentraland(MANA)$0.336535-20.07%
  • kucoin-sharesKuCoin(KCS)$6.32-6.18%
  • immutable-xImmutableX(IMX)$0.61-17.10%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.04%
  • axie-infinityAxie Infinity(AXS)$4.92-20.96%
  • havvenSynthetix Network(SNX)$1.78-13.80%
  • curve-dao-tokenCurve DAO(CRV)$0.64-15.34%
  • makerMaker(MKR)$588.29-6.19%
  • neoNEO(NEO)$7.47-18.48%
  • flowFlow(FLOW)$0.51-19.36%
  • gatechain-tokenGate(GT)$3.71-9.84%
  • marumaruNFTmarumaruNFT(MARU)$0.24991121.40%
  • terra-lunaTerra Luna Classic(LUNC)$0.000087-11.27%
  • bittorrentBitTorrent(BTT)$0.000001-0.58%
  • galaGALA(GALA)$0.020610-20.40%
  • pax-goldPAX Gold(PAXG)$1,911.57-1.12%
  • tether-goldTether Gold(XAUT)$1,966.490.24%
  • xdce-crowd-saleXDC Network(XDC)$0.034641-2.93%
  • injective-protocolInjective(INJ)$5.99-14.75%
  • bitcoin-cash-svBitcoin SV(BSV)$24.82-17.77%
  • binaryxBinaryX(BNX)$165.90-5.97%
  • casper-networkCasper Network(CSPR)$0.041290-5.91%
  • Tokenize XchangeTokenize Xchange(TKX)$5.73-7.01%
  • compound-ethercETH(CETH)$34.93-5.74%
  • klay-tokenKlaytn(KLAY)$0.146699-11.04%
  • Halo CoinHalo Coin(HALO)$0.057345-0.05%
  • kavaKava(KAVA)$0.79-17.09%
  • huobi-tokenHuobi(HT)$2.64-7.63%
  • iotaIOTA(MIOTA)$0.153399-14.25%
  • gmxGMX(GMX)$45.26-12.45%
  • PepePepe(PEPE)$0.000001-18.83%
  • compound-usd-coincUSDC(CUSDC)$0.0228830.08%