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Miami Mayor Hints at Bitcoin Investment, Confirms the City’s Plans to Accept Taxes in Bitcoin

  • Francis Suarez has revealed his intentions to invest in Bitcoin
  • The city of Miami is also working on an independent regulatory framework for easier crypto transactions in the city.
  • Residents of Miami’s could begin paying taxes with Bitcoin in the near future
  • The mayor has revealed he is open to investing the city’s reserves in Bitcoin

The 43-year old mayor of Miami, Francis X. Suarez has revealed his intentions to diversify the city’s portfolio. The diversification of Miami’s portfolio could mean keeping some of the city’s reserves in Bitcoin

Suarez has always been an outspoken figure in the crypto space. He believes, because of its limited supply and its growing mainstream adoption Bitcoin is “only going to go up”.

Miami To Invest in Cryptos

As the prospects of Bitcoin looks even brighter for 2021, the mayor of Miami has said that he’s open to exploring the idea of investing in Bitcoin. The mayor has revealed the possibility of investing 1 percent of the city’s treasury in Bitcoin.

What started as a Tweet from Bitcoin permabull Anthony ‘Pomp’ Pompliano soon gained traction and sucked in the mayor of Miami.

Pompliano urged his followers to retweet it if they “would move to Miami if Mayor Francis Suarez put 1% of the city’s treasury reserves in Bitcoin.” An hour and over 1,300 retweets later, mayor Francis Suarez replied; Definitely open to exploring it.

A few days ago, the Mayor spoke to Cameron and Tyler Winklevoss of Gemini Exchange about the future of crypto in Miami.

Miami to Create a Regulatory Framework for Cryptos

In an interview with Fox Business News, Miami’s Mayor Francis X. Suarez announced that he wants the city to be one of the most crypto-forward and technological cities in the country.

Suarez further explained that officials of the city are working to create a regulatory framework around cryptocurrencies. According to him, the regulatory framework will make Miami the easiest place in the U.S to do business.

On the Flipside

  • While the crypto industry thrives in some parts of the world, in other parts, regulatory actions are stifling its growth.
  • For example, in the United Kingdom, the sale of crypto derivatives have been ban.
  • Financial advisor to the government, Neil Liversidge of West Riding Personal Finance Solutions has launched a petition to have digital assets completely alienated in the country.

In getting direction for the framework, he explained that:

We’re looking at laws from Wyoming, Wisconsin, and New York, a regulatory environment, and we have a tremendous amount of interest in tech right now.

Taxes to Be Paid in Bitcoin Soon

According to Miami’s mayor, the regulatory framework is a step in a much bigger plan which involves making payments in Cryptos, particularly Bitcoin. This could mean that soon, Miamians could begin paying taxes and fees to the city using digital assets.

These steps are all supposedly part of Miami’s plan to attract big tech companies to the city to generate high-paying jobs for its residents.

To date, there have been only states, like in the United States, where citizens can use BTC to pay their taxes, it’s unheard of for any city. With the mayor already considering a city-only regulatory framework for cryptos and investing treasury reserve funds in digital assets, we are well set up for an interesting 2021.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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