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The project was presented by Federal Representative Joenia Wapichana, who highlights that about half of the metal mining in the country comes from illegal operations. She highlighted:
The secretary of finance and planning commented on the city’s plans to put a percentage of the treasury into bitcoin. Brazil has tax breaks for bitcoin miners.
Crypto adoption around the world is exploding, with Rio de Janeiro aiming to be at the forefront of Brazil's crypto revolution.
The city established a Municipal Committee for Crypto Investments to work on governance and investment models for the city.
Former guerilla and Colombian economist, Gustavo Petro, was elected president of the country, beating his opponent who claimed ignorance of Bitcoin.