US City, Miami, Begins Process for Allowing Tax Payments in Bitcoin
Francis Suarez, mayor of US city Miami, has echoed his stance on paying taxes with flagship cryptocurrency, Bitcoin with more assurance. Back in July, during the Bitcoin Conference 2020, mayor Suarez had first hinted at allowing tax payments in Bitcoin plus paying the salaries of officials in Bitcoin.
While it may have been possible that Mayor Suarez was telling fibs, or he just wanted to put Miami in the news, this is no longer the case as the mayor revealed in a recent statement that the process for Bitcoin tax payments has begun. Mayor Suarez has been a Bitcoin proponent for long, both in words and actions leading to his city serving as a venue for the largest Bitcoin conference which occurred in July.
Mayor of Miami City Says Bitcoin Tax Payments Process Already Begun
When asked about his promise of government employees getting paid in Bitcoin after appearing on Anthony Pompliano’s Best Business show, the Mayor revealed that plans were already in motion, but it will take a long while owing to the potential risks involved in such decisions. He admitted that the government was yet to learn much about Bitcoin given its hostility. He further noted that his team is working on instilling crypto education in the ignorant before other processes commence.
Mayor Suarez equally revealed that his team will push for a request for proposal by next month which will enable authorities to select vendors and a specific vendor that will facilitate payments of employees salaries in Bitcoin and allow the city receive taxes via the same medium. According to the mayor, all these initiatives will be powered by Bitcoin because of the profound trust he has in the digital asset.
Mayor Suarez Says China’s Crypto Ban An Advantage For The US
The Miami city Mayor berated China in the same vein due to its crypto ban. He alleged that the Asian giant has made a huge mistake on account of the ban. Seeing it in a different light, the Mayor asserted that this could be an advantage for the US in terms of attracting the plethora of Bitcoin miners that deserted the region in the wake of a mining ban. He likened China’s hostile regulatory approach to giving a gift to the US.
The mayor reasoned that the US could create jobs from this. Already, several Chinese miners have reportedly moved to some regions including the US state, Texas, as they resume their operations. Texas has become a top destination for them due to its cheap nuclear energy. Miami is also looking to attract Chinese miners with low electricity costs and tax incentives, mayor Suarez once announced.
Meanwhile, the regulatory atmosphere in the US over cryptocurrencies still smacks of hostility as there are attempts to extensively regulate them including stablecoins. The Infrastructure Bill which has received passage from the US Senate is poised to be the regulatory sandbox for private digital currencies.
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