Rio De Janeiro will invest 1% of treasury into bitcoin - the dominos teeter

The mayor of Rio De Janeiro, Eduardo Paes, has announced that his city will become another crypto hub, and that it will be the first Brazilian city to invest 1% of its treasury into Bitcoin.

Mayor Paes was attending the Rio Innovation Week alongside the mayor of Miami Francis Suarez, who is also pro Bitcoin, and named his own city a cryptocurrency hub only last year.

Where Miami is currently the hub for crypto in North America, Paes has just made Rio the major hub of South America with this announcement. He said:

“Rio de Janeiro has everything it takes to become the tech capital of South America. Events like the Rio Innovation Week come to strengthen the city’s image as the perfect place to work, live, and innovate.”

Following in the footsteps of Miami’s mayor, Paes is also looking at allowing the city’s citizens to pay their taxes in bitcoin, and giving them a 10% discount incentive for doing so.

In November last year, Brazilian congressman Luiz Goularte proposed a bill that would enable all public and private sector workers to be paid in bitcoin. The bill laid out that the workers would be allowed to stipulate the percentage of crypto and fiat currency that they would receive. The bill also proposed that all employers would be bound to honour the choices.

The fact that Rio De Janeiro is such a major city in Brazil, based on population, and economic development, makes this announcement extremely promising for bitcoin and other cryptocurrencies.

The odds must surely be on other cities doing a similar thing in order not to get left behind. Another country following after El Salvador must also be on the cards.

The dominos are starting to fall. Once those first few teeter and fall it will be nigh on impossible for governments tied into the failing fiat monetary system to put a stop to it.

The trickle will become a flood, and all cities and countries that want to help their citizens escape the current stranglehold of the banks will no doubt want to give their citizens the choice and opportunity offered by private and self-owned crypto assets such as bitcoin.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.