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Public employees will receive salary in bitcoin, says Miami Mayor

Miami will move forward with a proposal to allow city workers to be paid in bitcoin, the city’s mayor told Bloomberg yesterday (12).

Public employees will receive salary in bitcoin, says Miami Mayor

Public employees will receive salary in bitcoin, says Miami Mayor

Mayor Francis Suarez previously proposed bitcoin to be used as a means of payment for city employees and residents, expanding his effort to make the city of Florida a major hub for digital assets.

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

A formal request would come after city commissioners decided to support the resolution that instructs the city administrator to hire a supplier to offer employees the possibility to receive a percentage of their salary in bitcoin.

At the time, bitcoin traded near $48,000, then hit a record high of $64,804.72 in April, dropped to less than $30,000 in July, and recently rebounded to the $60,000 mark.

Despite price volatility, Suarez also wants the state of Florida to allow Miami to keep bitcoins on its balance sheet.

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State and federal statutes currently do not allow cryptocurrencies to belong to municipalities.

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

Suarez’s comments follow the August launch of MiamiCoin by CityCoins Inc., a non-profit organization that creates cryptocurrencies for municipalities.

People who extract CityCoins into software with their personal computers earn a percentage of the cryptocurrency they create, with 30% of the user’s reward going to a selected city.

The nonprofit MiamiCoin reportedly grossed $7 million for Miami in August, according to the Washington Post.

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