(Reuters) – Town of Miami is looking for to embrace bitcoin in its operations, a transfer that would carry dividends when it comes to attracting expertise firms, Mayor Francis Suarez stated on Friday.
Town fee late on Thursday accepted in a 4-1 vote a primary step within the mayor’s proposal to permit bitcoin for use to pay metropolis staff and for metropolis residents and companies to make price and tax funds with the cryptocurrency.
“Cities like Miami, we’re making an attempt to draw tech city,” Suarez stated in a phone interview. “It’s half of a bigger play if you’ll to place Miami as probably the most tech-forward cities within the nation.”
Whereas an preliminary step entails discovering a third-party vendor to facilitate bitcoin transactions, the mayor additionally needs the Florida metropolis, which ranks because the Forty second-most populous metropolis in the US, to discover investing a restricted quantity of its funds in bitcoin as a long-term asset hedge.
“I firmly consider that when and if Amazon and or Apple adopts bitcoin as a fee construction the dam will primarily break as a result of at that time you’re speaking a couple of very excessive quantity of transactions with the ability to use bitcoin,” Suarez stated. “I simply wished us to be on the innovative and form of forward of the sport.”
Different U.S. native or state authorities have dipped their toes into cryptocurrency, together with Florida’s Seminole County, based on media stories. In 2018, the Ohio Treasurer’s Workplace launched a cryptocurrency tax fee portal, which was suspended in 2019 over a authorized concern.
Reporting By Karen Pierog; enhancing by Diane Craft