According to reports, Eduardo Paes, the 13th mayor of the Brazilian seaside city of Rio de Janeiro, has announced that he will buy bitcoin as a city reserve asset. Rio de Janeiro has announced the formation of a task force to deal with accepting bitcoin as funding for the city. Eduardo Paes revealed that 1% of Rio de Janeiro’s treasury assets would buy Bitcoin. Rio de Janeiro is expected to be the first city in Brazil to buy bitcoin as a store of value asset. In addition, the city government is planning to offer discounts to those who use Bitcoin to pay their taxes.