Miami commissioner wants to let residents pay taxes in Bitcoin

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A Miami-Dade County commissioner is backing a brand new decision to permit residents to make use of cryptocurrencies like Bitcoin (BTC) to pay native taxes.

In keeping with a Thursday doc acquired by The Miami New Instances, county commissioner Cohen Higgins has introduced a decision to Miami-Dade’s Infrastructure, Operations, and Improvements Committee, calling for the institution of a 13-member crypto activity drive.

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The duty drive would study the feasibility of permitting residents to pay their county taxes, in addition to for charges and providers utilizing digital currencies together with Bitcoin, Ether (ETH) and Litecoin (LTC). In keeping with the doc, crypto funds have the “potential to boost comfort and save prices.” 

“The merchandise would set up a activity drive that would delve into the feasibility of utilizing cryptocurrency in Miami-Dade County, to discover any potential advantages and pitfalls that would consequence from its use. It is very important discover all avenues that may help an increasing tech and startup presence to profit our economic system,” Higgins said.

The proposal will go earlier than the Miami-Dade’s committee in the present day at midday. If the decision passes, it nonetheless have to be accredited by the complete county fee.

The decision mentions a similar initiative enacted by the administration of the Metropolis of Miami on Feb. 11, 2021, which known as for a examine to find out the feasibility of permitting Miami residents to pay taxes, and for metropolis staff to obtain salaries in Bitcoin. The decision was proposed by Miami Mayor Francis Suarez who’s aggressively campaigning to make the city a crypto hotspot in the USA.

Hemang Subramanian, a blockchain-focused assistant professor at Florida Worldwide College’s enterprise faculty, steered that crypto may very well be enticing for Miami residents attributable to its giant inhabitants coming from different international locations. As crypto is saved in digital wallets and never tied to a selected nation, international buyers and residents gained’t have to pay alternate charges to alter their dwelling foreign money into the U.S. greenback and vice-versa.