Bitcoin (BTC), Cryptocurrency, News, Taxes

Mayor Of Miami Is Considering Paying Staffs In Bitcoin (BTC)

Francis Xavier Suarez, the mayor of Miami, is in all readiness to put the city in the spotlight for entrepreneurs and technology lovers, where BTC will be the tool to achieve that.

Xavier Suarez spoke with the press that as he is looking at the situation, BTC could be adapted in the story of the city in the next five years. According to a review released on Forbes, the payment of civil servants’ salaries using BTC could be one of the ways the mayor of Miami will turn the city into the upcoming Silicon Valley.

Mayor Francis Suarez tweeted on February 3, 2021, and said that they are up and running officially. He said that you could get on the moving train of #MiamiTechMovement and get a shirt – peradventure you don’t want a shirt, you can look at donating to fund the Ignite Innovation Technology Foundation.

Though Francis barely mentioned the idea under construction as far as the crypto payment is concerned, reports revealed there could be three different paths to achieve a bitcoin-friendly environment in Miami City.

Road to a Crypto-friendly Miami City

The first of the plans is to create a system where salaries will be paid in BTC. They have explored the idea already and will be subjected to several legal procedures for its approval.

The second step the mayor would be taking to achieve his quest is to start taking taxes in BTC. This step is quite simple as the legal precedents have already been established.

Last but not least of his plans is his willingness to take part in the investment of the public funds in the Bitcoin market. As much as this third step is not illegal, there could be much resistance to its execution, looking at the volatility of the market.

Though the mayor did not reveal the exact amount he plans to invest in the market, nor gave deeper details of the proposal, but about the end of last, he made mention of willingness to invest about 1% of the treasury of the city in the Bitcoin market.

The idea of paying salaries with crypto comes very handily in his expectations of creating crypto accommodating legal system, Suarez said.

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