Bitcoin

The Miami Commissioner wants residents to pay taxes using Bitcoin

A Miami-Dade County commissioner supports a new resolution that will allow residents to use cryptocurrencies like Bitcoin (BTC) to pay local taxes.

According to a document acquired by the Miami New Times on Thursday, County Commissioner Cohen Higgins presented a resolution to the Miami-Dade Committee on Infrastructure, Operations and Innovation calling for the establishment of a 13-person crypto task force.

The task force would examine the feasibility of allowing residents to pay their district taxes, fees and services using digital currencies such as Bitcoin, Ether (ETH) and Litecoin (LTC).. According to the document, crypto payments have “the potential to improve convenience and save costs”.

The Miami Commissioner wants residents to pay taxes using Bitcoin
The Miami Commissioner wants residents to pay taxes using Bitcoin

“The article would set up a working group that could look into the feasibility of using cryptocurrencies in Miami-Dade County to examine the potential pros and cons that could result from using them. It is important to explore all the ways that expanding technology and the presence of new companies can support our economy. “ Said Higgins.

The proposal will be presented to the Miami Dade Committee on Thursday at 12:00 noon local time. If the decision is made, it has yet to be approved by the entire district commission.

The resolution mentions a similar initiative, put into effect on February 11th by the Miami City government, which requested a study to determine whether it is possible to allow Miami residents to pay taxes and the Granting city employees salaries in Bitcoin.. The resolution was proposed by the Mayor of Miami, Francis Suárez, who is aggressively campaigning to turn the city into a crypto hotspot in the United States.

Hemang Subramanian, a blockchain-focused assistant professor at Florida International University’s Business School, suggested that cryptocurrencies might be attractive to Miami residents because of the city’s large population from other countries. Because cryptocurrencies are stored in digital wallets and are not tied to a specific country, foreign investors and residents do not have to pay conversion fees to convert their local currency to US dollars and vice versa.

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