Francis Suarez, the mayor of Miami, is already a famous supporter of Bitcoins as he is trying to make Miami the crypto capital of the US.
Bitcoin Payment as Salary
At the beginning of 2021, the mayor revealed the plan of paying government employees in Bitcoin as well as make it possible for city taxes to be paid in $BTC.
The declaration did not seem convincing to many as the major does not have direct control over the city’s treasure. Contrary to that, the city of Miami will propose a request asking to make this happen later this month.
This proposal is just one of the many elements that would distinguish Miami as the crypto center of the US or even the entire world, stated the mayor.
Another cryptocurrency proposal for the city of Miami was introduced in the second month of 2021. This one revolved around the possibility of investing in Bitcoin, however, the laws of Florida did not allow that. Cryptocurrencies are too risky of an asset for local governments to be invested in them.
The mayor was not so happy about it, insisting that if the government were able to invest in Bitcoin, they would have profit up by 30 or 40 percent. It would be a smart move, yet we have to stick to the way things work, concludes the mayor.
Miami’s Native Coin
While Florida regulations stopped Miami from direct Bitcoin investment, Suarez had a good solution for it, the city’s native coin. Miami coin is the way to expand its crypto treasury and it marks the first crypto coin of a city.
This native coin is Bitcoin-based and the profit gained from mining goes for the improvement of the city. Miami already has added an extra $10 million to the city’s fund during the two months of mining this coin.
As of now, Florida is the dominant Bitcoin mining space throughout the US, and Mayor Suarez hopes that this will help Miami to become the dominant US mining center.
Also Read: MiamiCoin Generates $10 Million in Revenue Within 2 Months