City Supports Efforts to Hold Bitcoin in Treasury, Allow Tax Payments in BTC – Regulation Bitcoin News
The U.S. city of Miami is going full bitcoin. The city commissioners have voted to support the mayor’s resolution to allow payments in bitcoin for salaries, taxes, and fees. The city also supports efforts to make bitcoin an acceptable currency for potentially investing in the state treasury.
Miami Gets Deep Into Bitcoin
Miami City’s commissioners voted Thursday night to support Mayor Francis Suarez’s resolution that would make Miami a highly bitcoin-forward city.
In a video thanking the commissioners for their support, the pro-bitcoin mayor explained that the resolution “directs the city manager, after analysis, to procure a vendor to be able to offer our employees to get a percentage of their salary in bitcoin, allow our residents to pay for fees in bitcoin, and also would allow the city manager to cooperate with the Miami county to allow for taxes to be paid in bitcoin.” He added:
It’s also a request of the state legislature that the city of Miami supports efforts to make bitcoin an acceptable currency for us to potentially invest in, in the future.
“It’s wonderful to be a very crypto forward city,” Mayor Suarez concluded, after thanking his “commission colleagues” again “for allowing that to happen.”
“Miami City Hall could begin conducting some of its financial transactions in bitcoin,” the Miami Herald reported, adding that the city will launch education campaigns in English, Spanish, and Creole to inform people about cryptocurrency.
The crypto community praises Mayor Suarez for his bitcoin adoption efforts. One Twitter user wrote: “This is insanely big for bitcoin.” Another commented: “Other city mayors should consider following Mr. Suarez’s initiative of investing the city treasury in bitcoin.”
Morgan Creek Digital partner Anthony Pompliano, who moved to Miami after convincing the mayor that he should put 1% of the city’s treasury reserves into bitcoin, tweeted:
Miami Mayor Francis Suarez just got Miami into bitcoin. Employees paid in BTC. Residents pay fees in BTC. Taxes in BTC. City treasury in BTC. Absolutely unreal. The first bitcoin municipal in the United States.
What do you think about Miami’s bitcoin efforts? Let us know in the comments section below.
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