COMP NEWS – Francis Suarez, mayor of Miami, recently took a paycheck in the form of bitcoin as a signal for his plans to incorporate wider adoption of cryptocurrencies within the city.
Miami Mayor Francis Suarez, who said earlier last month he would take his next paycheck “100% in Bitcoin,” is seeking to expand the use of cryptocurrency across the city.
Suarez wants to have more employees’ salaries paid in cryptocurrency. One reason for the push towards cryptocurrency adoption is that Miami will draw in more technology companies.
Residents would be able to pay fees and taxes in Bitcoin, and multiple employees will also get their salaries in the digital currency, Suarez said in a Bloomberg Television interview.
The focus on cryptocurrency is part of a pivot toward the tech sector in the city, where the mayor is trying to draw more companies to move from higher-tax areas. He’s advocating for Miami to become a new center of digital finance.
Suarez’s decision to take his paycheck in bitcoin may have influenced other politicians to do the same as well.
Shortly after Suarez’s tweet, New York City Mayor-elect Eric Adams also said he would take his first three paychecks in Bitcoin when he takes over City Hall in January, also seeking to make the city a center for cryptocurrency.
Miami also recently launched its own cryptocurrency called MiamiCoin.
Earlier this year, Miami launched a token called MiamiCoin, which Suarez said has generated $30 million in revenue over three months. Like New York City, he expects others to join in the competition to draw more cryptocurrency investments.
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