- Bitcoin will be integrated into the public finance system of Miami, mayor Francis Suarez has confirmed
- Suarez chaired a meeting of the city council on Thursday, during which his “crypto-forward” plans were rubber stamped
- City employees will be able to receive their salaries and pay taxes in bitcoin
Miami mayor Francis Suarez has succeeded in his attempts to get the city to adopt Bitcoin, marking a huge new chapter in the growth of the cryptocurrency. Following a meeting with the city council, during which strong opposition was anticipated, Suarez managed to secure agreement from the state to incorporate Bitcoin into the city’s financial structure, with employee salary payments to the city’s investment plans impacted. The incorporation of Bitcoin into the city’s financial system is another illustration of the increasing faith in the protocol and represents another example of it maturing as a viable asset.
Suarez Gets Receives Bitcoin Backing
Suarez, a tech-savvy forward thinking individual who is keen to turn Miami into a tech haven, has been talking up Bitcoin in recent weeks, revealing his ambitious plans to integrate it into the city’s finances last month. Earlier this week he announced that Thursday would see a key council meeting during which he hoped to “get the ball rolling” on integrating Bitcoin:
The City of Miami supports efforts to make Bitcoin an acceptable currency for us to potentially invest in in the future…
Suarez’s plan will see employees able to get a percentage of their salary paid in bitcoin should they wish, allow city fees and taxes to be paid in the cryptocurrency, and could also see some of the city treasury converted to Bitcoin at some point in the future. This incredible achievement will help Suarez take major strides in his efforts to turn Miami into a “crypto-forward city”, with Bitcoin clearly playing a big part in that vision.
Lessons From Ohio
While Suarez’s achievements are rightly garnering huge praise, he should be aware of the failed efforts of other cities to adopt Bitcoin. In November 2018, Ohio launched a platform to allow businesses to pay their taxes in Bitcoin, but it was canned after less than a year. Suarez will be hoping for more success with his own incarnation of public Bitcoin adoption, and indeed it seems he already has much more in the way of support for his venture.