The Miami City Commission voted to study options for integrating Bitcoin into the municipal infrastructure, according to Mayor Francis Suarez.
Exploring:
• State legislative priority
• Paying employees in Bitcoin
• Investing City treasury in BitcoinWe got it done ✅ pic.twitter.com/88laGvVbEG
— Mayor Francis Suarez (@FrancisSuarez) February 12, 2021
In December 2020, Suarez drew the community’s attention with statements about Bitcoin. He called digital gold a stable investment and announced plans to put South Florida at the forefront of crypto-friendly legislation.
In the same month, the Miami mayor pledged that in 2021 the authorities would address integrating the asset as a means of payment. He also did not rule out the transfer of 1% of the city budget into Bitcoin.
On January 22, Suarez announced the creation of a new team to develop a plan for a more active city involvement in the cryptocurrency industry. In the mayor’s view, Bitcoin could become an alternative to fiat currency tied to state policy.
The final concept would allow civil servants to receive all or part of their salaries in the leading cryptocurrency, and residents to pay taxes and fees with the asset.
According to Bloomberg, the city administration agreed to study the practicality of the plan.
The deputy chair of the commission, Ken Russell, said he was not opposed to the proposed steps. However, he urged that authorities understand what they are getting into: “What needs to be done is diligence, and not just from the legal perspective. It’s not just a currency, it’s a concept.”
“Ken Russell said he’s not opposed to the idea of integrating Bitcoin into the city’s business, but it’s important to ensure we all know what we’re getting into. What needs to be done is diligence, and not just from the legal perspective. It’s not just a currency, it’s a concept” https://t.co/5f3xXMiK5p
— Ken Russell Miami (@kenrussellmiami) February 12, 2021
Earlier, New York mayoral candidate and proponent of transparent crypto regulation Andrew Yang announced plans to turn the city into a Bitcoin hub if elected.
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