Mayor of Miami says the city is moving toward paying public employees in bitcoin

Mayor of Miami says the city is moving toward paying public employees in bitcoin

PEOPLE | OCT 14, 2021 | WOZINGA NEWS

Mayor of Miami says the city is moving toward paying public employees in bitcoin

  • Miami will move ahead with a proposal to allow paying city workers in bitcoin.
  • Previously, Mayor Francis Suarez proposed that using bitcoin as a payment method for city employees and residents.
  • MiamiCoin, a non-profit, reportedly made $7 million for the city of Miami in August.

By Elah Mae Ariate Wozinga Staff

Miami will move forward with a plan to pay city employees in bitcoin, Mayor Francis Suarez said on Tuesday. He want to expand his efforts to make the Florida city a major hub for digital assets, according to Business Insider.

“We’re going to submit a request for proposal in October to allow paying our employees in bitcoin. Also, to allow our residents to pay fees and even taxes in bitcoin if the county allows it,” Suarez said in an interview with the business channel.

Plan of Miami to pay employees with Bitcoin

A formal solicitation would follow the city commissioners’ February approval of his resolution to direct the city manager to find a vendor who would allow employees to receive a percentage of their salary in bitcoin.

Bitcoin was trading near $48,000 at the time, before reaching an all-time high of $64,804.72 in April, falling below $30,000 in July, and recently reclaiming the $55,000 mark.

Mayor Suarez still wants his Plan, despite price volatility

Despite the price volatility, Suarez wants the state of Florida to allow Miami to keep bitcoin on its books. Municipalities are currently prohibited from owning cryptocurrencies under state and federal law.

“It’s a major priority for me because I want us to differentiate ourselves as the crypto capital of the United States or of the world,” Suarez told Bloomberg Tuesday.

Suarez’s remarks came after CityCoins, Inc., a nonprofit that creates cryptocurrencies for municipalities, launched MiamiCoin in August. People who mine CityCoins using software on their personal computers earn a percentage of the cryptocurrency they create. They will have 30% of  a user’s reward going to a specific city.

In addition, according to the Washington Post, MiamiCoin sent approximately $7.1 million to Miami in August. This month, Miami’s city commissioners agreed to accept the donations.

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