Miami inches toward crypto adoption; Proposes to pay workers in BTC

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Feb 12, 2021
  • The city’s commission voted in favor of the resolution to explore BTC integration 4-1.
  • Apart from paying workers in BTC, Suarez also wants to invest some of Miami’s funds in BTC.
  • While Suarez is ready for the city to adopt BTC, the commission is taking a reserved approach.

Miami residents might soon start paying all or part of their taxes, among other fees in Bitcoin (BTC). The city’s pro-crypto mayor, Francis Suarez unveiled this news through a tweet on February 12, noting that the city’s commission held a meeting on Thursday and voted in favour of promoting crypto. Reportedly, the city might also let its workers choose to receive all or part of their salaries in BTC.

Reportedly, the city’s commission approved this resolution 4-1. However, the commission went back to its original wording, seeing as it only agreed to explore the feasibility of these options. As such, the city did not take any action.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Suarez, who has been wooing Silicon Valley investors and leading technology firms for months, told the commission that,

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.

Adding BTC to the city’s balance sheet

Per the resolution, Suarez also wants the city to explore the possibility of investing some of the city’s funds in BTC. However, this is not a clear path, considering Florida statutes are strict on how local governments invest extra funds. At the moment, these rules restrict local government investments to low-volatility investments such as those offered by the US government.

However, Suarez doesn’t consider BTC’s volatility as an issue. According to his original resolution, the city is committed to promoting the emergence of BTC as the coin continues gaining adoption. Nonetheless, some of the city commissioners warned against adopting BTC without an extensive study of the associated risks.

Manolo Reyes, one of the city commissioners, said,

Let’s analyze this before we jump in. Maybe you’re ahead of your time, maybe you’re right, but let’s analyze it.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
10/10
67% of retail CFD accounts lose money