Rio de Janeiro is on track to give a major push to Bitcoin adoption in Brazil
On Friday, Rio de Janeiro will publish a decree to establish a working group on Bitcoin investing.If Paes moves forward with the plan, Rio de Janeiro will be Brazil's first country to add Bitcoin to its balance sheet.
Paes dropped the news while speaking next to Miami Mayor Francis Suarez at a panel discussion that was part of Rio Innovation Week.In November, Suarez announced his plan to distribute Bitcoin yield to the city's residents from Miami Coin. He also volunteered to take a paycheck in the flagship cryptocurrency, inspiring some other U.S. mayors, including New York City's Eric Adams, to follow suit.Rio de Janeiro has everything it takes to become the tech capital of South America.
El Salvador became the world's first country to adopt Bitcoin as legal tender last September. President Nayib Bukele recently predicted that two more countries would adopt Bitcoin as legal tender by the end of 2022., more than half of Brazilians were in favor of following El Salvador's example. In October, reports of Brazil making Bitcoin legal tender started making the rounds on social media, but they were inaccurate.
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