Rio City Hall Appoints Five People to Cryptocurrency Commission

The city council of Rio de Janeiro last Friday appointed five people to the committee that discusses the situation of cryptocurrencies in the city (27). As a result, the team evaluating Rio’s investments was strengthened.

The creation of the commission was announced by Mayor Eduardo Paes himself at a public event, in which he spoke with Miami Mayor Francis Suarez.

In addition to announcing the intention to purchase cryptocurrencies for the local treasury, the mayor also said he hopes to accept digital currencies for tax payments. In other words, the adoption of the city, one of the main tourist references in Brazil, has continued since January 2022.

Rio de Janeiro City Hall Appoints Five People to City’s Cryptocurrency Commission

Initially called the working group to evaluate cryptocurrencies, it was soon renamed the Municipal Committee for Crypto Investments (CMCI), established by Decree Rio n.º 50.521/2022, on March 30.

To take any action, the committee needs to know the guidelines of the CVM and the Central Bank of Brazil on cryptocurrencies. Still, its members need to analyze the digital currency market and understand the risks and opportunities in the industry.

In addition, the CMCI must assess the management, custody and technological risks of cryptocurrencies, as well as their investment opportunities.

For this, municipal officials working in the Municipal Finance and Planning Department (SMFP), the Public Prosecution Service (PGM) and the Development Agency of the Municipality of Rio de Janeiro SA (INVEST.RIO) should be responsible for the strategies.

Last Friday, five people were nominated to join the committee, three from SMFP and two from Invest.Rio. In this way, the committee gains more power in the analysis of cryptocurrencies and shows that it continues to look for opportunities for the capital Rio de Janeiro to enter the space with more security.

The state of Rio is already closely monitoring the case

In recent days, attention has been drawn to the fact that the Attorney General of the State (PGE) has organized an event on cryptocurrencies for the general public interested in the subject.

So it is clear that not only the capital is interested in the topic, but also an important organ of the government of the state of Rio de Janeiro. This cabinet has already seen many proposals in this sector published in municipalities, but had not yet shown any interest in following the debate.

It’s worth remembering that Maricá, another city in the state, had already passed a law for a tiered tax on sustainable cryptocurrencies at the end of 2021, also showing interest in the subject. This city is a world reference with the use of its social digital currency, Mumbuca.