The city of Miami is on course to become the first city to put its treasury in Bitcoin and pay state employee salary in Bitcoin as Mayor Francis Suarez revealed that they are exploring legislation to put Bitcoin on the city’s treasury balance sheet.
The resolution to check legislative feasibility of Bitcoin would explore collecting city taxes in Bitcoin and paying municipal workers in Bitcoin. However, it is important to note that even though commission approved Mayor’s resolution, it toned down the wordings to only study the feasibility at this point and n not pass any law based on it.
Miami Mayor in his address to the state council expressed the growing importance of Bitcoin and crypto industry in general and said,
“I think we’re on the cusp of seeing a major titanic shift on this, It’s an industry that’s boisterous, vociferous and growing, and this would send the right signal.”
Mayor Francis has been quite vocal about Bitcoin being the future of finance and was often seen engaging with top crypto personalities on Twitter discussing Bitcoin. He had even discussed putting a portion of city’s treasury into Bitcoin, however the possibility of that looks quite grim at present given Florida’s strict policies about investing surpluses funds.
Miami Mayor’s proposal within the same week when Bitcoin adoption seems to have reached a major milestone as this week saw Tesla make $1.5 billion Bitcoin purchase, while America’s oldest custody bank BNY announced they would offer Bitcoin and crypto custody service and Mastercard announced it would start offering crypto payment service this year.
Andrew Yang, the Democratic former Presidential candidate now running for the Mayor of New York city is a known Bitcoin and crypto proponent. He advocated for crypto friendly legislation during his Presidential run and has a similar proposition for New York.
The growing demand for Bitcoin by institutions as well as retail could help top cryptocurrency go mainstream in the near future.
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