Rio to become a crypto hub?

Brazil is becoming a crypto-conscious place ?

It occupies 14th place in Chainalysis’ crypto adoption ranking, and the biggest retailer in the LatAM region – Mercado Libre – not only allows to use crypto to pay for the products on its platform, but also rolled out a crypto payment service for its Brazilian customers within the MercadoPago app.

Brazil Stock Exchange offers crypto ETFs since last summer, and its Crypto Bill, containing definitions and rules for crypto and related services, has passed the Chamber of Deputies last month and is now waiting for the Senate approval.

That’s not all: Rio de Janeiro officials now ambition to make the city a hub for the crypto industry ?

This week Rio’s Mayor Eduardo Paes announced willing to invest 1% of Rio’s treasury in crypto (decidedly, Mr Paes’ conversation with Miami Mayor Francis Suarez, a fervent crypto advocate, has borne fruit…), while Pedro Paulo, secretary for farming and planning in Rio de Janeiro, and Chicão Bulhões, secretary of economic development and innovation, spoke about implementing discounts on city taxes paid in Bitcoin.

Brazil is a country reporting inflation over 10% and a big share of unbanked and people who rely on remittances sent from relatives working abroad, which makes crypto a natural choice. Moreover, comprehensible crypto legislation and right incentives from the authorities can indeed attract crypto businesses and offer the region a new direction for its economic development.

Keep the ball rolling…