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Rio de Janeiro admits its goal to be Brazil's crypto ecosystem center

source-logo  finbold.com 12 July 2022 13:51, UTC

The cryptocurrency market might be going through a rough patch in recent weeks, but its adoption around the world is growing at an unprecedented pace, with some cities aiming to be at the forefront of the crypto revolution in their country.

One of them is Brazil’s tourist hot spot Rio de Janeiro, whose Municipal Secretary of Finance and Planning Andrea Senko reiterated the city government’s plans to integrate with Bitcoin (BTC) and the crypto market, with the aim for the city to become “the crypto ecosystem of Brazil,” Boletim Bitcoin reported on July 5.

In an exclusive interview with the Brazilian outlet, Senko confirmed the city’s intention to adapt to the future, explaining that:

“Rio, due to its vocation as a global city, is attentive to the main changes and innovations in the world and is always at the forefront of these themes. The city has a look to the future, and the City Hall has been following technological and economic advances.”

Furthermore, she also addressed the question of Bitcoin adoption, stating that:

“The goal is to make Rio the crypto ecosystem of Brazil, contributing to the city becoming the innovation and technology capital of the country.”

To this end, the city’s authorities established a Municipal Committee for Crypto Investments (CMCI) on March 30, 2022, with a task to work on “an investment policy on cryptoassets and a governance model for decision-making.”

Brazil on the path of crypto adoption

Brazil is already showing strong interest in crypto adoption, with Congressman Paulo Martins presenting a legislative proposal to the members of the country’s National Congress in mid-June, with wording that introduces a detailed definition of cryptocurrencies and recognizes Bitcoin as means of payment.

If this bill is adopted, Brazil could become the next country on the list of those introducing the flagship digital asset as legal tender, following in the footsteps of El Salvador and the Central African Republic (CAR).

Meanwhile, the country is already a pioneer in launching the world’s first decentralized finance (DeFi) exchange-traded fund (ETF), having it approved in January 2022, as Finbold reported.