The Miami City Commission announced that it is considering a proposal that would allow city employees to be paid in Bitcoin in the future.
As Coin Telegraph, the city’s mayor, Francis Suarez, said on Twitter that after his resolution was supported by local officials, a qualified provider would be able to offer employees a percentage of their salary in Bitcoin (BTC).
“This will allow residents to pay their obligations in Bitcoin and will also allow the city manager to work with the County of Miami to pay taxes in Bitcoin,” Suarez announced.
The proposal has also been submitted to the state legislature to consider BTC “an acceptable currency that we could potentially invest in in the future.”
According to Bloomberg, Miami’s plan to promote cryptocurrency adoption could allow for some or all of a salary to be paid in BTC, and the committee approved the resolution 4-1 to examine how cryptocurrencies could be integrated into existing salary arrangements.
The resolution is part of an overall effort by the stateto transform Miami into an innovation hotspot and a sector that “embraces new technologies.”
If this becomes a reality in the future, employees may be able to use cryptocurrency-enabled cards and wallets to pay local taxes and municipal services. This could also mean that their funds will grow even more as BTC increases significantly. However, it is something that should be carefully considered before implementing, as Bitcoin’s price tends to rise and fall dramatically.
For example, the value of Bitcoin rose by about 7% this month after a tweet by entrepreneur Elon Musk revealed that Tesla had purchased $1.5 billion in BTC.
BTC has risen from a price in the $22,000 range in December 2020 to $34,000 in January and is now approaching $47,000. But there have also been times when its price dropped by thousands of dollars in a single night.
Source: ZDNet
