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 line with a Thursday doc acquired by The Miami New Occasions, 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 process drive.
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 line with the doc, crypto funds have the “potential to boost comfort and save prices.”
“The merchandise would set up a process drive that would delve into the feasibility of utilizing cryptocurrency in Miami-Dade County, to discover any potential advantages and pitfalls that would end result from its use. You will need to discover all avenues that may help an increasing tech and startup presence to learn our financial system,” Higgins said.
The proposal will go earlier than the Miami-Dade’s committee right this moment at midday. If the decision passes, it nonetheless should be authorised by the total 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 workers 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, urged that crypto may very well be enticing for Miami residents attributable to its massive inhabitants coming from different international locations. As crypto is saved in digital wallets and never tied to a particular nation, international buyers and residents gained’t have to pay change charges to vary their dwelling foreign money into the U.S. greenback and vice-versa.