Miami Offered to Pay Salaries in Bitcoin

The City of Miami offered to pay salaries in Bitcoin. The municipal commission also welcomed this proposal.

Bitcoin (BTC), the leading unit of the crypto market, is taking firm steps towards expanding its usage areas. After companies that decided to accept payments with Bitcoin, the idea of ​​paying salaries in Bitcoin (BTC) has now been introduced. In the US, Mayor of Miami Francis Suarez made a proposal to pay all or part of the salaries of municipal employees in Bitcoin. In addition, Suarez offered a proposal to allow Miami residents to pay all or part of their property taxes or city fees in cryptocurrency. The commission, which welcomed the proposal, approved the decision with 4 to 1 votes and accepted to examine the applicability of the work to be done on the subject. It was also stated that Suarez, who was said to have been meeting with Silicon Valley investors and technology companies for months, asked for an analysis of whether some government funds could be invested in Bitcoin in Miami. Although the members of the commission accepted the decision, they stressed that a good analysis of the risks involved in this issue should be made. Manolo Reyes, one of the commissioners, stated that Suarez's proposal was "ahead of time", but that it should not be implemented without analyzing the risks. According to the news in the Bloomberg HT, three main stages are required for the institutionalization of crypto coins and Bitcoin: The entry of investment funds, the presence of Bitcoin in the companies' balance sheet and the purchase of Bitcoin by central banks. It is stated that the first two phases have taken place until this time, and it is stated that public institutions such as the municipality can start to buy and use Bitcoins as an interim period in the transition to the third phase.       Source: Bloomberg HT