Miami Mayor backs Bitcoin

12 Feb 2021

The Mayor of Miami, Francis Suarez has suggested an official resolution that would allow Bitcoin to be an accepted means of payment within the city’s administration.

Announcing the proposal on Twitter, the Mayor said the city commission has backed the resolution and is now taking steps forward, Cointelegraph reports.

“I wanna thank the city of Miami commissioners for supporting my resolution, which directs a city manager after analysis to procure a vendor to be able to offer our employees to get a percentage of their salary in Bitcoin; allows our residents to pay for fees in Bitcoin,” he said.

In addition, the resolution would put a proposition before the state legislature that, if it were successful, would see Bitcoin – the world’s largest cryptocurrency by market capitalisation – as an acceptable investment for municipal funds.

Suarez stated: “It’s wonderful to be a very crypto-forward city, and I wanna thank my commission colleagues for allowing that to happen.” 

Although the resolution was approved by the commission by 4-1, the original call has been considerably reworded, reports Bloomberg. The commission previously only agreed to look into the feasibility of these steps as opposed to taking action, as originally suggested.

A number of city commissioners allegedly warned against moving into Bitcoin without looking at the potential risks involved. Commissioner Manolo Reyes said: “Maybe you’re ahead of your time, maybe you’re right, but let’s analyze it.”

Ken Russell, vice-chairman of the city commission, stated he is “certainly not opposed” to the idea of Miami getting behind Bitcoin. Nonetheless, it’s still essential to ensure “we all know what we’re getting into,” he added.

Up for re-election in 2021, Suarez has been gradually establishing himself as a crypto advocate, previously announcing his intention to make Miami have “the most progressive crypto laws.”