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Miami is considering paying salaries in Bitcoin

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Bitcoin could soon become the currency of choice in Miami, as commissioners in Florida consider whether they are giving government officials the option to receive salaries in Bitcoin, and whether they should allow the public and businesses to use the cryptocurrency to pay for city services, he says. mentioned The Miami Herald.

Miami Mayor (Francis Suarez) Francis Suarez said on Friday that the city of Miami is seeking to adopt Bitcoin in its operations, a move that could generate profits in terms of attracting technology companies.

The city committee agreed late Thursday in a vote to study the use of virtual currency first and to find a vendor who could assist with transactions before moving forward.

“Cities like Miami, we are trying to attract technology companies to a city like Miami, and this step is part of several bigger steps if you want to make Miami one of the most technologically advanced cities in the country,” Suarez said.

While the initial step involves finding an outside vendor to facilitate Bitcoin transactions, the mayor also wants to explore the city, which ranks 42nd by population in the US, investing a limited amount of its money in Bitcoin as a long-term hedge of assets.

Suarez said: I firmly believe that when Amazon or Apple adopts Bitcoin as a payment structure, the dam will basically collapse because at that point you are talking about a very large volume of transactions that can use Bitcoin, and I wanted to be in the vanguard.

Miami is launching public awareness campaigns in English, Spanish and Creole to educate residents about cryptocurrencies while lobbying the state legislature to pass laws allowing the city to invest public money in highly volatile cryptocurrency.

Local or other state governments in the United States have entered cryptocurrencies, including Seminole County in Florida, where the Ohio Treasurer in 2018 launched a cryptocurrency tax payment portal, which was suspended in 2019 due to a legal issue.

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