Economy

Bitcoin on the Beach: Miami is looking to pay workers and collect taxes in cryptocurrency

Bitcoin on the Beach: Miami is looking to pay workers and collect taxes in cryptocurrency

Miami Mayor Francis Suarez praised the city governing committee for issuing a decision Thursday examining the feasibility of paying city employees’ salaries. Bitcoin, As well as allowing residents to pay fees and Taxes In Bitcoin.

“I would like to thank the City of Miami Commissioners for their support of my decision, which directs the City Manager, after analysis, to purchase a vendor so that he can provide employees To get a percentage of their salaries in bitcoin, our residents are allowed to pay fees in bitcoin … [and allows] Suarez said in a video clip on Thursday evening, “on paying taxes in bitcoin.”

“It’s great that it’s a very ‘Crypto-forward’ city in Miami, and I want to thank my UNHCR colleagues for letting that happen.”

TESLA WALKS TIGHTROPE with Bitcoin Investing

The city commission voted 4-1 to pass the resolution, which should also encourage the Florida state legislature to pass laws to allow Miami to invest some of its treasury in bitcoin.

“The whole concept of Bitcoin is the democratization of currency,” said Ken Russell, vice president of the Miami City Commission. City Hall meeting Thursday. “It has become a currency for the rich. I think this is our opportunity, in a smart way, to try to present this to our residents and our employees, but we have to do it carefully so that they can make informed decisions.”

Bitcoin, a decentralized cryptocurrency, reached an all-time high of $ 48,912 this week, but remains vulnerable to wild price fluctuations.

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Cryptocurrencies are now “cheaper” with MASTERCARD

Despite these volatility, Miami’s adoption of Bitcoin is the latest sign that it is heading in the mainstream.

Andrew Yang, who is running for mayor of New York City, said Thursday that if elected, he would “invest in making the city the center” [bitcoin] And other cryptocurrencies. “

BNY Mellon, America’s oldest bank, announced Thursday that it will createAn integrated service for digital assets“This year it will process Bitcoin and other cryptocurrencies for customers.

Stocks in this article

BKBank of New York Mellon Corp.
MAIntegrated MasterCard

MasterCard said Wednesday It will support cryptocurrencies directly on its network, which will “create a lot of possibilities for shoppers and merchants, allowing them to transact with a completely new payment method.”

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Tesla announced Monday that it has invested $ 1.5 billion Bitcoin and will start accepting cryptocurrency as a method of payment.

“I do at this point that bitcoin is a good thing, and I am a bitcoin supporter,” Tesla said CEO Elon Musk said January 31 at the club. “I think Bitcoin is about to gain widespread acceptance by traditional finance experts.”

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