Rio de Janeiro Is Set to Allocate One Percent of Treasury to Bitcoin

Rio de Janeiro is set to allocate one percent of its treasury reserves to the cryptocurrency Bitcoin.Announced by Mayor Eduardo Paes, this move is just one of the first steps in transforming the capital into a crypto hub. In the long run, the city hopes to offer tax incentives to those paying in Bitcoin -- as much as a 10 percent tax reduction on buying a property.Eduardo Paes continued with, "Rio de Janeiro has everything it takes to become the tech capital of South America. Events like the Rio...