Miami Mayor Francis X. Suarez has long called Miami a bitcoin a Bitcoin proponent trying to centralize it. In a speech in early 2021, Suarez shared his plan to pay municipal workers’ salaries and city residents’ taxes in Bitcoin. Here are the president’s new plans for Bitcoin.
Suarez, who wanted to implement the plans he shared at the beginning of 2021, was first faced with the comments of a crowd who thought that such a Bitcoin move would not reflect the truth, since the municipal treasury was not directly under the control of the president. Suarez, on the other hand, recently announced that he will make a proposal to the city council because Bitcoin payments are not possible.
“I want to promote our city as the ‘crypto capital’ of the US and/or the world.”
In a move led by Suarez in February 2021, a proposal was submitted by the Municipality of Miami to invest in Bitcoin, but this proposal could not be implemented due to a clause in the laws of the State of Florida. Under Florida State law, the treasury cannot hold an asset of very variable value. Speaking on the subject, Suarez said:
“If this decision had been accepted when I presented it, it would have made a profit of between 30 and 40% today, if there was such a thing, I would be considered a “genius”, he said. “But this is how things work…”
Miami Municipality Is Already Mining Cryptocurrency!
Although the laws of the State of Florida prohibit investing in Bitcoin, the relevant laws do not contain any provisions regarding crypto mining. Noticing this gap, the president also found the solution. cryptocurrency mining solved it. The City of Miami is currently mining its own cryptocurrencies called Miami Coins. He also uses the income from this mining for the development of the city. Since the introduction of Miami Coin. The City of Miami made over $10 million in profit and added that money to the treasury.
Suarez, on the other hand, invests in Bitcoin and then other cryptocurrencies to make a profit and present it as a fund to the municipality; If possible, he wants to collect taxes from his citizens who want to pay their salaries with crypto money and pay their taxes with crypto money.