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Rio de Janeiro mayor plans to invest 1% of the city’s treasury in bitcoin

Eduardo Paes, mayor of Rio de Janeiro, intends to invest 1% of the city’s treasury reserves in bitcoin. Brazil’s top newspaper O Globo reported the news on Thursday, citing Paes’s comments made at the Rio Innovation Week event. Paes was speaking on a panel alongside Miami mayor Francis Suarez and said: “We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency.” Paes is also set to establish a working group in that regard, per the …