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Miami mayor Francis Suarez has plans to turn the Florida city into a new crypto hub; the mayor told Bloomberg on Tuesday that crypto initiatives are “a major priority for me because I want us to differentiate ourselves as a crypto capital of the United States or of the world”.
Three major components to this goal include plans to allow Miami city employees to be paid in Bitcoin, as well as to pay fees and potentially taxes in Bitcoin. Additionally, Suarez wants to move towards Miami holding Bitcoin on its balance sheet – an initiative that is currently not allowed according to statutes at the state and federal level.
These comments come on the back of CityCoins Inc. launching the MiamiCoin in August; CityCoins Inc. is a non-profit organization that creates cryptocurrencies for municipalities. The idea is that people who mine CityCoins get to keep 70% of the currency they mine, with 30% of it going to the select city. In August alone, MiamiCoin contributed over $7 million to the city of Miami.
While the program is still in its infancy, Suarez estimates that it could generate as much as $60 million for Miami over the next year and ultimately “revolutionize” how the city funds programs addressing poverty and other societal issues.
The CityCoins program is well-aligned with the mayor’s larger goal of turning Miami into a crypto capital, and his initiatives seem to be paying off, as crypto companies, such as Blockchain.com and eToro, have announced plans to move their offices to Miami.
Suarez’s plan for the city of Miami signals another step toward the wider adoption of cryptocurrencies happening worldwide – At DeFi Consulting Group, we specialize in consulting family offices and other regulated institutions on navigating the Crypto and Decentralized Finance space. Reach out to our team for guidance on how to effectively approach this field.
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