Miami to Study Bitcoin for Employee Salaries, City Payments
Should the city approve a contract down the road, employees would have an option to receive all or part of their salaries in bitcoin, and the public would have a bitcoin option while paying for city services.
(TNS) — Miami City Hall could begin conducting some of its financial transactions in Bitcoin.
City commissioners voted late Thursday night at the request of Mayor
Suarez, who has marketed
"It's wonderful to be a very 'crypto-forward' city in the city of
Suarez wanted commissioners to vote to begin using Bitcoin without hesitation. But after a long discussion where commissioners raised several questions about moving into the world of cryptocurrency, they agreed by a 4-1 vote to require an analysis before the city hires a company to process transactions.
Commissioner
"I think the mayor has done a fabulous job with that, and his intentions are coming right from the heart," Carollo said. "Having said that, I can't drink the Kool-Aid on this one."
The city will launch education campaigns in English, Spanish and Creole to inform people about cryptocurrency, and encourage the
The price of a single Bitcoin now stands at more than $47,000, though anyone can buy fractions of a Bitcoin. Despite its overall price growth — one Bitcoin was worth $10,000 a year ago — day-to-day price swings of the cryptocurrency continue to remain large, with gains and losses of thousands of dollars in just 24 hours.
Still, swaths of the technology industry remain convinced of its utility, importance — and long-term value. On
In an interview with
"You're going to see every company in America do the same thing," Novogratz said Monday of
(c)2021 Miami Herald. Distributed by Tribune Content Agency, LLC.
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