Miami’s mayor is pushing ahead with a plan to pay city workers in bitcoin, calling the move to fiat currency a “top priority.” However, neither the city’s workers nor the Miamiians who pay their wages have had a say yet.
City employees could receive some or all of their paychecks in the high-profile cryptocurrency, Mayor Francis Suarez told Bloomberg on Tuesday, adding that if county officials allowed it, residents could even pay their taxes. in bitcoin. Miami residents have yet to have a choice in the city’s fiery pursuit of cryptocurrency, even though Suarez wants the state as a whole to keep bitcoin on its balance sheet – which is currently illegal and could result in massive financial losses for the state if the reservoir of labile money.
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Suarez announced that the city would be “differentiate ourselves as the crypto capital of the United States or the worldIn the interview, announcing that the city was launching a call for tenders to any financial-technological partner capable of designing and developing such a system.
“We will be launching a tender in October to allow our employees to be paid in bitcoin, to allow our residents to pay bitcoin fees and even potentially bitcoin taxes if the county allows it.“Suarez said at the point of sale.
Currently, Florida law does not allow local governments to hold volatile assets like bitcoin on their balance sheets, and Suarez recently declined to answer a question about whether he was lobbying the state government. to modify this rule. It is not clear whether there is a voting initiative to approve the change to bitcoin, and while city employees are likely to have the option of continuing to receive their wages as in the past, these new, heavily promoted technologies are ‘often accompany high-pressure campaigns. When faced with the “carrot” of a bonus or the “stick” of a penalty, many workers will likely raise their hands and go for bitcoin.
While some employees undoubtedly know the ins and outs of cryptocurrency, others could easily be convinced to jump head first into an asset they don’t understand. A recent YouGov poll found that while 38% of Americans believe cryptocurrency will be widely accepted as a form of payment within a decade, more than two-thirds have admitted that they “doesn’t really understand cryptocurrency. “These employees could easily be tricked into switching to a payment system they know nothing about and end up losing their savings in the next crash.
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This is not the first time that Suarez has called for massive action without input from his constituents. In July, the mayor suggested a US military intervention in Cuba after a weekend of high-profile protests, which the political left and right agreed was a bad idea.
The mayor has long sought to make Miami a bitcoin-friendly city, touting its nuclear power as a clean alternative energy source for the massive amount of electricity needed to mine the currency. The city also attracted the FTX crypto exchange, which reportedly agreed to pay $ 135 million over 19 years for naming rights to a basketball arena.
However, a February effort to bring city workers onto the blockchain was quickly canceled, drastically reduced from taking steps to initiate bitcoin payments to simply studying such a plan. Like the one announced in October, this effort would have allowed Miami residents to pay all or part of their property taxes or city fees in crypto.
The mayor lamented that since that failed launch, bitcoin values have risen “30-40%”, making any currency investment “awesome” in retrospect. In fact, bitcoin has jumped 20% since February – though that’s still nothing to sneeze at.
Miami residents could also be worried about the value of their assets – last month El Salvador adopted bitcoin as legal tender only to helplessly watch its value plummet.
But Suarez has had some success with blockchain currencies. His administration’s “MiamiCoin” initiative, led by nonprofit investors, reportedly grossed more than $ 7 million in August and stands as a potential alternative to bitcoin.
However, a cryptocurrency managed with the help of the government is anything but a ‘crypto’, and giving the city administration access to its finances goes against the spirit of confidentiality of the bitcoin project. original.
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