The initiative is in response to the high demand for bitcoin and its use. A working group made up of experts in the field will team up to evaluate the proposal.
The adoption of bitcoin (BTC) and other cryptocurrencies in the City of Miami continues to grow. Miami-Dade County Commissioner Danielle Cohen Higgins presented a proposal for city authorities to accept cryptocurrencies as payment for taxes, fees, and services.
In a resolution published on April 15, Cohen Higgins believes that paying taxes with cryptocurrencies “deserves an evaluation” for its potential to “save costs.”
According to the document, the initiative is in response to the high demand for bitcoin and crypto assets by citizens and large retailers such as AT&T, Microsoft, Overstock, and Home Depot, which started accepting digital currencies as a safe form of payment.
The official explained that the initiative deserves an additional study on these systems’ cost, viability, and security before adopting any of these new methods.
In this sense, it also proposes creating a working group, which would lead to evaluating various points. The first of them, study the chances for that citizens to pay taxes, services, and fees in cryptocurrencies.
Second, identify any costs concerning the adoption of cryptocurrencies. Finally, the task force will need to make suggestions on other cryptocurrency-related policy initiatives to benefit Miami-Dade County.
Cohen Higgins believes that each working group member should have at least five years of experience in cryptocurrencies, finance, banking, business development, or cybersecurity. Also, the group must bring priority to inclusive policies, representing the gender, race, ethnicity, and culture of the people who live in the county.
With the recommendations collected by the “working group,” the final proposal must face a delivery within 180 days after its initial meeting.
Bitcoin Users Criticize the Proposal
Some cryptocurrency users with the highest market capitalization have raised serious concerns and critics against Commissioner Danielle Cohen Higgins’s proposal in social networks.
The user @realcryptojo, a self-described crypto enthusiast, also expressed himself on the social network: «Don’t do it, it’s a scam to steal your bitcoins. Make hodl and pay for that shit in worthless fiat money. “
Miami Mayor Francis Suárez has Pushed for Bitcoin Adoption in the City
Suarez expressed, back in 2020, that he would consider putting 1% of the mayor’s treasury in bitcoin. Suarez has teamed up with influential figures like the Gemini founders to discuss the cryptocurrency situation in Miami.
Also, Suarez came to say that there are several chances to make Miami a bitcoin-friendly city if it has the “leadership and advice” of the twins.
According to a study by the tax software company CoinTracker, published last year and reviewed by this medium, Miami is among the 20 cities in the United States with the highest average users of crypto assets.
By: Jenson Nuñez