In dollars, yes, but also in Bitcoin: in Miami they study paying salaries and allowing to pay taxes with cryptocurrency
The Bitcoin is experiencing an explosion, something we can see in his
amazing growth in recent weeks. Tesla, without going any further, bought $ 1.5 billion worth of Bitcoin and will begin to accept it as a payment method, but the mayor of Miami, Francis Suárez, wants to go one step further: turn Bitcoin into something of the day to day. How? Paying part of the salary in this cryptocurrency and even allowing to pay taxes.
This is what Suárez himself has made known in a statement that we can see on his Twitter profile. This is a draft resolution, so it is not yet in force, but it is a measure that is in the oven. And it goes to more, since in the same resolution the mayor proposes that the city invest part of the treasure in the cryptocurrency.
One part in dollars, one part in Bitcoin (or all in Bitcoin)
According to Suárez himself, the idea is to allow a worker to receive part of their salary in dollars and in Bitcoin or, failing that, all in dollars or all in Bitcoin. The same applies to taxes (property, local …), which could be paid in part or in full with the famous cryptocurrency. Beyond the striking of the proposal, it is something that involves some risk, since something that characterizes Bitcoin is its volatility, to the point that changing a simple Twitter bio can skyrocket its value.
That is precisely why it is striking that Suárez has proposed to invest a “limited amount of government funds” in Bitcoin. According exhibit from Bloomberg, the State of Florida has fairly severe limitations on how surplus funds can be invested, which are usually limited to financial products with low volatility and risk.
However, the mayor assures that the city “is committed to promoting the emergence of Bitcoin as it continues to gain widespread acceptance” and plans to present the resolution today, Thursday, February 12. Of course, it will have to be approved.
He also believes that Bitcoin is “an increasingly popular and stable reserve asset for individuals and corporations.” Ken Russell, vice chairman of the city commission, has not opposed the measureBut he does believe that all users should know “what they are getting into”.
It is not the first city to start a project like this, since something similar was brought to the table in Ohio in 2018. The idea was that businesses could pay their taxes in Bitcoin, but it did not come to fruition. At the end of 2019, the platform was suspended with pretty bad results: only ten businesses (of the more than 900,000 in Ohio) paid their taxes in Bitcoin.