- Mayor Francis Suarez said he’s working on a city resolution that would bring Bitcoin to Miami’s balance sheet
- The Mayor had previously backed Bitcoin, has revealed plans to add Bitcoin to the city’s balance sheet
- Mayor Suarez also talked about creating an independent regulatory framework for easier crypto transactions in the city
The mayor of Miami, Francis Suarez, who in January backed Bitcoin, stating his intentions to invest in the number one crypto has revealed that he is currently working on a city resolution that would bring Bitcoin to Miami’s balance sheet.
Mayor Suarez and Bitcoin
Mayor Suarez has always been an outspoken figure in the crypto space. The 43-year old mayor of Miami believes that Bitcoin will only go up because of its limited supply and its growing mainstream adoption.
In January this year, he revealed plans of creating a regulatory framework around cryptocurrencies within the city of Miami. According to him, the regulatory framework will make Miami the easiest place in the U.S to do business.
When the regulatory framework is completed, Miamians could begin paying taxes and fees to the city using digital assets. He also hinted at the possibility of the city investing some of its reserves in Bitcoin.
On the Flipside
- After the shocking ban of crypto transaction in Nigeria, crypto owners are looking for an alternative means of transacting with the digital assets
- Some Nigerians have continued using bitcoin (BTC) and other cryptocurrencies via peer to peer platforms
- This move is similar to what Indians resolved to after the blanket 2017 ban that made the use of cryptos illegal in India
Miami to Invest in Bitcoin
In the wake of Tesla’s $1.5 billion Bitcoin investment, Mayor Francis Suarez has revealed that he wants to move forward on investing some city funds in Bitcoin. The move still falls in line with earlier announcements that he wants Miami to become a tech innovation hub in the United States.
In reacting to Tesla’s announcement, crypto influencer Anthony “Pomp” Pompliano wrote that the “race is on to see what municipality is going to be the first to put bitcoin on their balance sheet.” It was at this point that the mayor replied.
In replying to Pomp, Mayor Suarez tweeted via his official account;
Working on a resolution for our commission for this Thursday’s meeting to get the ball rolling...@elonmusk’s announcement was very helpful...now all we need is for @amazon to adopt and then ? ? ? ? ? ? ? ? ? ? ?
There have been reports confirming this move as the first concrete step in Miami’s path to becoming more cryptocurrency-friendly. The issue would be further addressed at a city commission meeting on Thursday, February 11, 2021.