City Of Miami Moves To Pay Municipal Employees In Bitcoin

Miami Mayor Francis Suarez says it’s “a major priority” for the Florida city to be able to pay municipal government employees in Bitcoin.

“I want us to differentiate ourselves as a crypto capital of the United States or of the world,” Mayor Suarez said in media interviews.

The mayor added that Miami will issue a request for proposal this month to help create that payment mechanism, and to let city residents pay fees, including property taxes, in Bitcoin.

In February, Suarez brought a broader proposal before city commissioners to allow Miami to invest its own funds in Bitcoin, but Florida statutes don’t currently allow local governments to hold such volatile assets.

The mayor said he is lobbying state officials for a change to current policies.

“If we would’ve been able to hold it (Bitcoin) from the moment that I put the resolution on our agenda, it’d be up by 30% or 40%, so I would’ve looked like a genius back then,” he said.

Bitcoin has actually increased about 20% since Suarez’s February proposal.