Between opening its doors to Chinese cryptocurrency miners, hosting several conferences, and starting a new cryptocurrency, Miami has become a hub for crypto in the USA.
In a recent interview with Bloomberg, Miami’s Mayor Francis Suarez spoke about his desire to begin paying local government employees in Bitcoin. Speaking with Bloomberg, Mayor Suarez said that “I want us to differentiate ourselves as a crypto capital of the United States or of the world,” Suarez adds that it is “a major priority,” for the city to get these crypto payments up and running.
Suarez says that the city will be issuing a formal request for proposal later in October in order to create the mechanism for payments via bitcoin. The Mayor also said that he would like to see residents have the option to pay fees in cryptocurrency including state taxes.
The news is a follow-up to a February proposal that Suarez introduced to Miami that would allow the city to invest its own funds into cryptocurrency. The proposal fell apart because local laws do not allow for governments to hold volatile assets like cryptocurrency.
When asked if he would continue to try and get the ability to invest, Suarez, said that “If we would’ve been able to hold it from the moment that I put the resolution on our agenda, it’d be up by 30 or 40 percent, so I would’ve looked like a genius back then.”
Suarez added that a formal proposal would follow later this month.
Miami putting Bitcoin to work
Miami, thanks to Mayor Suarez, has been working towards becoming a legitimate cryptocurrency hub for North America. While the employee payments are just an idea right now, the city is already using cryptocurrency to help fund public projects through its MiamiCoin venture. As of Sept. 15, 2021, the project had raised around $4.5 million with funds being allocated to several different areas, according to the Mayor. Uses for the bitcoin funds include programs that work to reverse climate change, initiatives to help underprivileged youths, and educational programs to teach tech entrepreneurs about digital assets.
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