In a late meeting on Thursday, the City Commissioners voted in favor of studying the feasibility of allowing the city to transact in bitcoin.

Prioritizing Bitcoin

Mayor Suarez has publicly voiced his desire to incorporate bitcoin into the city’s finances. 

The City is looking at the potential of investing part of its treasury in bitcoin. 

The Mayor said the resolution “requests of the state legislature that the City of Miami supports efforts to make Bitcoin an acceptable currency for us to potentially invest in the future.”

Mayor Suarez appeared on Fox Business last month and revealed that he is considering using some of the local government funds to invest in BTC.

Florida has strict regulations on how local governments invest their surplus funds.

If the City decides to go ahead with transacting in bitcoin, employees would be eligible to receive their salary - whole or in part - in BTC and the public will have an option to pay their taxes in the digital asset. The city will need to acquire the services of a bitcoin vendor.

“I want to thank the City of Miami commissioners for supporting my resolution which directs the city manager, after analysis, to procure a vendor to be able to offer our employees to get a percentage of their salary in Bitcoin.”

Miami makes the first step

The Mayor wanted the commissioners to vote in favor of using the digital asset right away but there were many questions about doing so.

Four commissioners voted in favor of conducting an analysis before making a decision and only one commissioner - Joe Carollo voted against it.

Carollo said he is skeptical of the cryptocurrency.

“I think the mayor has done a fabulous job with that, and his intentions are coming right from the heart. Having said that, I can’t drink the Kool-Aid on this one,” said Carollo.

Mayor Suarez was happy about the outcome of the vote.

“It’s wonderful to be a very ‘crypto-forward’ city in the city of Miami, and I want to thank my commission colleagues for allowing that to happen,” he said.