[Miami] City considers paying salaries in Bitcoin

[Miami] City considers paying salaries in Bitcoin
17 Feb 2021

Bitcoin could soon become the currency of choice in Miami, New York Post reports.

According to reporting by the Miami Herald, commissioners in the Florida city are considering whether to offer public officials the option of receiving their salaries - or a portion of them - in Bitcoin and, additionally, whether they should allow the public to use the virtual currency to pay for city services. 

As part of his mission to shape Miami into a tech hub, Mayor Francis Suarez is reportedly ready to go all-in with Bitcoin. However, on February 11 commissioners voted to first study the use of the cryptocurrency and to find a vendor that could help support transactions before moving forward with adoption, the report said. 

Mr Suarez told the Miami Herald, “It’s wonderful to be a very ‘crypto-forward’ city in the city of Miami, and I want to thank my commission colleagues for allowing that to happen.” 

Following in-depth discussion and questions about Bitcoin, the commissioners agreed 4-1 to postpone a decision until analysis on the cryptocurrency is completed. 

Commissioner Joe Carollo was unconvinced and reportedly voted no on the measure. “I think the mayor has done a fabulous job with that, and his intentions are coming right from the heart,” Mr Carollo said. 

“Having said that, I can’t drink the Kool-Aid on this one.”

Miami will launch public awareness campaigns in English, Spanish and Creole to educate city residents about cryptocurrencies while lobbying the state legislature to pass laws allowing the city to invest public dollars in the futuristic currency. 

Cryptocurrencies remain highly-volatile with day-to-day price swings of Bitcoin dipping and peaking in the thousands. On February 12, Bitcoin’s price hovered at just under $48,000 a share but the public is permitted to buy portions of a share. 

Source: New York Post

Bitcoin could soon become the currency of choice in Miami, New York Post reports.

According to reporting by the Miami Herald, commissioners in the Florida city are considering whether to offer public officials the option of receiving their salaries - or a portion of them - in Bitcoin and, additionally, whether they should allow the public to use the virtual currency to pay for city services. 

As part of his mission to shape Miami into a tech hub, Mayor Francis Suarez is reportedly ready to go all-in with Bitcoin. However, on February 11 commissioners voted to first study the use of the cryptocurrency and to find a vendor that could help support transactions before moving forward with adoption, the report said. 

Mr Suarez told the Miami Herald, “It’s wonderful to be a very ‘crypto-forward’ city in the city of Miami, and I want to thank my commission colleagues for allowing that to happen.” 

Following in-depth discussion and questions about Bitcoin, the commissioners agreed 4-1 to postpone a decision until analysis on the cryptocurrency is completed. 

Commissioner Joe Carollo was unconvinced and reportedly voted no on the measure. “I think the mayor has done a fabulous job with that, and his intentions are coming right from the heart,” Mr Carollo said. 

“Having said that, I can’t drink the Kool-Aid on this one.”

Miami will launch public awareness campaigns in English, Spanish and Creole to educate city residents about cryptocurrencies while lobbying the state legislature to pass laws allowing the city to invest public dollars in the futuristic currency. 

Cryptocurrencies remain highly-volatile with day-to-day price swings of Bitcoin dipping and peaking in the thousands. On February 12, Bitcoin’s price hovered at just under $48,000 a share but the public is permitted to buy portions of a share. 

Source: New York Post

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