Miami Mayor Advocates Bitcoin Payments For Employees

Kavya  |  Oct 14, 2021

Francis Suarez, the Miami Mayor, has advocated Bitcoin payments for employees and allowing people to pay local taxes in the cryptocurrency. Suarez has already announced that the city would present a formal plan later this month to make those pledges a reality. 

"I want us to differentiate ourselves as the crypto capital of the United States or the world"- Mayor Suarez

Miami Mayor Is Advocating for Bitcoin Payments to Employees

Miami had previously proposed that the city be permitted to invest in Bitcoin, but Florida laws presently prohibit municipal governments from transacting in such a risky asset.

Miami is planning to release a Request for Proposal in October to assist in the development of a system that would allow municipal citizens to pay fees and taxes in Bitcoin.

Suarez, like other notable cryptocurrency advocates such as Elon Musk and El Salvador President Nayib Bukele, is a firm believer in Bitcoin. Suarez recently criticized JPMorgan Chase CEO Jamie Dimon for referring to Bitcoin as "worthless." Suarez claimed that Bitcoin is "absolutely not worthless," pointing out how quickly the cryptocurrency's value has risen in the last year. "It's risen considerably since we last discussed it," Suarez remarked. 

Based on the current trends, the value of the world's most popular cryptocurrency has already increased by more than 94% in the last year.

MiamiCoin Generated $7 Million For The City In August

Suarez's remarks come after CityCoins Inc., a charity that produces cryptocurrency for governments, launched MiamiCoin in August. 

People that mine CityCoins using software on their personal computers get a part of the cryptocurrency they generate, with 30% of a user's reward going to a certain city.

According to the Washington Post, MiamiCoin contributed around $7.1 million to Miami in August. This month, Miami's city commissioners decided to accept the gifts.

 

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