RIYADH: Rio de Janeiro, one of the largest cities in Brazil, will allocate some of its funds to cryptocurrency investments, according to statements from mayor Eduardo Paes. The mayor announced the move during a joint lecture with the mayor of Miami, Francis Suarez, at the Rio Innovation Week, an event dealing with the city"s modernization. “We are going to launch Crypto Rio and invest 1 percent of the Treasury in cryptocurrency,” Paes said. Suarez, who also launched Miamicoin, a cryptocurrency for the city of Miami, stated this same development in Miami created opportunities for investors while offering crypto tax incentives, according to Bitcoin.com. “We created a tsunami of opportunity. Many cities in the United States were raising taxes, and we lowered them. We understood that we could be at the forefront of innovation and we invited creators here,” he said. Following in Miami"s footsteps, Paes also plans to create tax incentives and discounts for users who pay with Bitcoin. Finance Secretary Pedro Paulo explained that they are looking to offer a 10 percent discount to users who pay certain taxes with Bitcoin. However, he also stated that studying the regulations in order to effectively implement these changes is essential. “We already have tax incentives approved, we already have a percentage of 2 percent, and we want to focus a lot on the Porto region for the arrival of these new actors as well,” Chicao Bulhoes, secretary of the economic development and innovation team, said.