Breaking: Miami Mayor Reveals Plan to Pay City Employees in Bitcoin ($BTC)
Miami city mayor Francis X. Suarez is a well-known known Bitcoin proponent who has been working towards making Miami a crypto hub in the US. Somewhere in the first quarter of 2021, Suarez has said that the city is planning to pay government employees their payment in Bitcoin and also allow citizens to pay city taxes in $BTC. At the time many claimed the idea was far fetched as city treasury doesn’t fall under the direct control of the Mayor. However, Mayor Suarez recently revealed that the city will issue a request for proposal to make that possible later this month.
“I want us to differentiate ourselves as a crypto capital of the United States or of the world,”
In February this year, Suarez led Miami also introduced a proposal for the city to be able to invest in Bitcoin, but Florida statutes limitations don’t allow local governments to hold such volatile asset. Suarez explained,
“If we would’ve been able to hold it from the moment that I put the resolution on our agenda, it’d be up by 30 or 40 percent, so I would’ve looked like a genius back then,” he said. “But that’s the way it works.
Miami is Already Mining its Own Cryptocurrency
Current Florida Statures might have prevented Miami from directly investing in Bitcoin, but Suarez found a way around it as well with Miami Coin. Miami coin is the first native crypto asset of a city, it is based on Bitcoin and the funds generated from mining the token would be utilized towards the development of the city. Within two months of launch, Miami coin has already added $10 million to the city’s treasury.
Mayor Suarez in the past has also revealed plans to make Miami a clean Bitcoin mining hub as Florida is already leading the charge in terms of growing popularity of Bitcoin mining in the State.
- U.S. Treasury To Ease Tax Rule on Unrealized Bitcoin Gains, Aiding Saylor’s Strategy
- Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder
- BREAKING: Nasdaq Files with US SEC to List BlackRock Bitcoin Premium Income ETF
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
