Despite opposition, Miami Mayor Francis Suarez (R) says he intends to move forward with a scheme to pay state employees using Bitcoin. As reported by Bloomberg Technology on Tuesday, Suarez said his administration would ask the county to consider a plan this month that would allow staff to be paid in BTC, and that residents would be capable of paying charges and perhaps even tax in Bitcoin if the county authorizes it.
In an interview, Suarez stated that it was a “big priority” for him since he aspires to distinguish his city as “the cryptocurrency major hub of the United States or the globe.” The mayor also stated that the city should be permitted to keep Bitcoin on its financial statements, which is presently not authorized in the state of Florida, according to Suarez. “If we had been capable of holding it from the minute I put the motion on the calendar, it would’ve been up by 30 or 40%, and I’d have appeared like a genius,” Suarez remarked.
Motion Passed By City Commission
The Miami City Commission passed a motion in February directing the superintendent to undertake research projects on permitting city employees to elect to start receiving all or most of their remuneration in Bitcoin, as well as on permitting residents and businesses to pay for expenses and offerings in Bitcoin. According to Business Insider, the panel decided to accept contributions from MiamiCoin, a cryptocurrency that the city developed in August in partnership with CityCoins, Inc., a charity that allows municipalities to create their cryptocurrencies.
Since Its Launch, ‘Miamicoin’ Has Generated Over $7 Million For The City
Miami Mayor Francis Suarez wants to make the city a global “cryptocurrency innovation hub,” which might result in a tax-free metropolis. Miami Commission collaborated with CityCoins, a nonprofit open-source technology that allows consumers to own and exchange cryptocurrency reflecting a stake in local governments. CityCoins users develop new tokens by executing programs on their PCs. Specified cities get 30% of the cash, while individuals get the other 70%.
Since August, CityCoins’ “MiamiCoin” protocol has sent almost $7.1 million to Miami. As of now, Suarez (R) expects the program could earn $60 million for Miami over the next year, “revolutionizing” how the city pays for initiatives addressing poverty and other concerns. “When you consider the notion of running a government without taxation, that’s incredible” Suarez noted. A “counter narrative” to the notion that local initiatives require tax increases or private sector charity, Suarez added.
Suarez’s vision for Miami is a business-friendly atmosphere embracing digital companies looking to profit from the warm weather and low state income taxes. The mayor says he is in talks with mining businesses about locating near a South Florida power station and wants to reposition the city as a technological powerhouse.
As per Suarez, Goldman Sachs, SoftBank, and Blackstone have all opened offices in the region in the last year. Blockchain.com stated in June that it was shifting its base from New York to Miami, noting the city’s “inviting regulatory climate acting as a hotspot for crypto technology.” In the same month, eToro planned to open operations in the city.