The Brazilian city of Rio de Janeiro is taking steps towards actively investing in cryptocurrencies. Now, 1% of the city’s treasury will be invested in crypto, offering the administration some financial buffer in case fiat money experiences a sharp downturn.
Chicão Bulhões, an official for Rio, spoke to CoinDesk and explained the idea behind the investment. “We know that Bitcoin (BTC) is volatile, that some people criticize us for that, but it is the future, and Rio wants to be a reference for the world as a cryptocurrency-friendly city, like Miami or Zug in Switzerland,” he said.
He pointed out that BTC is not a cryptocurrency that enjoys the popular vote, mostly because of several high-profile financial schemes that involved cryptocurrencies. Bulhões was most likely referring to a case dating to August last year when police busted members of a criminal organization that had inflicted millions worth of damages.
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