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.

The duty drive would look at 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 might delve into the feasibility of utilizing cryptocurrency in Miami-Dade County, to discover any potential advantages and pitfalls that might outcome from its use. You will need to discover all avenues that may help an increasing tech and startup presence to profit our financial 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 accepted by the total county fee.

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

Hemang Subramanian, a blockchain-focused assistant professor at Florida Worldwide College’s enterprise faculty, instructed that crypto might be engaging for Miami residents as a consequence of its massive inhabitants coming from different nations. As crypto is saved in digital wallets and never tied to a particular nation, overseas traders and residents gained’t must pay trade charges to alter their house foreign money into the U.S. greenback and vice-versa.