Brazilian City Moving Forward With Bitcoin Adoption
Amid the downtrend, cryptocurrency adoption continues to increase. Several countries worldwide have taken one measure to boost the integration of digital assets.
The Brazilian city of Rio de Janeiro is the latest to initiate a move that could accelerate crypto adoption.
The city’s secretary of finance and planning, Andrea Senko, revealed that Rio de Janeiro has a grand plan for crypto integration.
Senko noted that Bitcoin adoption is high in the city. However, the plan is to purchase Bitcoin to be added as part of the city’s balance sheet.
Rio ‘De Janeiro Plans for Bitcoin
For quite a while, the city administrators have been working steadily on integrating Bitcoin into the government’s coffers. On several occasions, city officials have revealed part of the Rio de Janeiro decision makers’ plan regarding Bitcoin.
Mayor Eduardo Paes has met with the state of Miami Mayor Francis Suarez at the Rio Innovation Week. Miami has been working on integrating Bitcoin as a means of payment within its jurisdiction in the United States.
Paes noted that Miami is an inspiration for Rio de Janeiro. The Mayor later disclosed that the city is considering dedicating 1% of its treasury to digital assets.
At the same event, the finance secretary announced that the city government was planning to receive tax levies in Bitcoin. The government wants this to accelerate the acceptance of Bitcoin.
Rio de Janeiro has a long-term project focusing on the digital economy, and Bitcoin is a pillar of the city’s vision. Rio is a global city, and the world is moving fast, making it urgent for decision-makers to devote effort and time.
Paes further added that the city is focused on the future and technological innovations are at the core of Rio’s economic transformation.
The city’s government has already established the Municipal Committee for Crypto Investments (CMCI) to boost Bitcoin’s integration.
Brazil’s Positive Crypto Regulations
The Bitcoin integration plan may seem like an isolated event known only to Rio, but the industry is a booming enterprise.
Brazil as a whole has friendly policies designed to regulate the crypto space. As a result, Bitcoin’s adoption was aided by the rules established by regulators who tried to ensure compliance.
In May, the central government announced new legislation that yanked levies on importing Bitcoin mining tools. However, the zero tax is only for using renewable energy sources for mining equipment.
The increasing demand for electricity for domestic and industrial consumption has led many governments to remove incentives for energy-intensive crypto mining.
Meanwhile, crypto mining is low in Brazil due to the hot tropical climate. Likewise, large-scale crypto mining is also non-existent in Brazil.
The new legislation is set to unlock the huge potential market that the country has, considering its huge green energy sources.
Since last year, the number of countries announcing Bitcoin integration has doubled. Governments worldwide are beginning to key into the opportunities that abound with the massive use of Bitcoin for transactions.
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