Brazilian city Rio de Janeiro's mayor, Eduardo Paes wants to assign 1% of the city’s treasury to Bitcoin. Paes talked about plans for turning the city into a cryptocurrency ecosystem hub.
Mayor announced We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency. The government has a role to play. Paes added that the state is also preparing to instruct tax exemptions for the crypto industry.
The news tells that the govt has a warms stance on Bitcoin and the cryptocurrency industry. Hopes that in near future the govt will bring a better environment for the industry.
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