InstaForex

October 14, 2021

Miami Proposes Payroll In Bitcoin (BTC) This Month!

 Miami Mayor Francis X Suarez is expected to propose a proposed payment of Miami residents ’salaries in the cryptocurrency, Bitcoin (BTC) this month.


Without giving a final date, Suarez described the plan as a "big priority": "I want this city to be the crypto hub of the United States (US) or the world."


For the record, the plan has actually been unveiled since the first quarter of 2021. At the time, Suarez wanted Miami residents to be able to pay taxes in bitcoin, receive compensation in bitcoin, and encourage bitcoin investments.



Suarez’s proposal was however buried in February when Florida enacted a law, banning any local government from owning crypto assets.


Interestingly about Miami, the country already has its cryptocurrency, the Miami Coin. The idea is as an alternative to the ban on investing in Bitcoin (BTC).


Miami Coin


It is Miami's first native coin under the CityCoin project

Established based on Bitcoin

Produced through coin mining

Used for Miami development

After two months of launch, a total of $ 10 million of Miami Coin was put into the city treasury.