Rio De Jeneiro’s Mayor Reveals 1%Of Its Treasury Reserves Will Be Poured Into Cryptocurrencies

Brazil’s second most populous city, Rio de Janeiro, is still on course to invest in crypto. The mayor of the city, Eduardo Paes, announced that Rio plans to allocate 1% of its treasury reserves to cryptocurrencies. Chicão Bulhões, the city’s secretary of economic development, reconfirmed this in an interview today. Bulhões maintained that Rio de Janeiro was still aiming to become a global crypto hub and was already directing resources at the project.