Rio Official Explains Why City Is Putting 1% of Its Treasury Reserves Into Crypto

Rio Official Explains Why City Is Putting 1% of Its Treasury Reserves Into Crypto
By investing 1% of its treasury reserves in crypto, the Brazilian city of Rio de Janeiro seeks to become a global crypto hub and lessen locals’ distrust towards cryptocurrencies, Rio de Janeiro’s secretary of economic development Chicão Bulhões told CoinDesk TV on Thursday.”We know that [bitcoin] 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,” Bulhões said.According to Bulhões, locals are wary of cryptocurrencies, especially after police cracked down on an alleged financial pyramid scheme…