Watch Out for the Pols Bearing Crypto

Watch Out for the Pols Bearing Crypto
Public institutions of all kinds, including government treasuries, are steadily warming to bitcoin and cryptocurrency. The volatile new asset class presents an opportunity for governments, which are often underfunded, to reap massive rewards. The risks are self-evident, although some in the crypto industry might say it’s riskier for governments not to get involved.Earlier this month, Rio de Janeiro, one of Brazil’s largest cities, announced its intentions to allocate 1% of its municipal treasury to crypto. It will also give a discount to those taxpayers who pay their dues in bitcoin and rework its tax code to attract foreign, crypto-rich, individuals…