This mayor wants to pay in cryptocurrencies

Francis Suarez

Employees of the city of Miami could soon choose to receive their salaries in Bitcoin rather than in dollars.

In an interview with Forbes, the city’s mayor, Francis Suarez, said that options for expanding the adoption of Bitcoin across the city include the possibility of paying the salaries of city officials in Bitcoin.

Mayor Suarez told Forbes that because of the increasing popularity of cryptocurrencies among citizens, he wants to do everything he can to make Miami a Bitcoin-friendly city.

Other proposals include paying local fees and taxes on Bitcoin and some other cryptocurrencies, as well as investing part of the city’s reserve in Bitcoin.

While not sure about the amounts, Suarez explained that the investment would be structured as a public-private partnership, with private partners receiving some of the benefits to address certain risks.

He also revealed that he is considering funding his re-election campaign in Bitcoin. The mayor believes Bitcoin will be the “biggest story for years to come.”

Late last year he described Bitcoin as a “solid investment” during an “incredibly unstable year.”

If these actions take effect, Miami’s 450,000 citizens may be encouraged to start trading in Bitcoin on a regular basis, with the potential to spread to Florida’s remaining 21.5 million residents. It would also make the city more attractive to tech companies and blockchain-related events.

Read Next

Sharing is caring!

Leave a Comment

Your email address will not be published. Required fields are marked *