A Miami commission is studying the risks and rewards of diving into cryptocurrency, including paying city workers in bitcoin, and investing a portion of the city treasury in cryptocurrencies, among other proposals.
From Bond Buyer:
Miami Mayor Francis Suarez sees the positive possibilities of cryptocurrencies, from paying city workers in bitcoin to establishing a bitcoin treasury fund with city monies to having residents and businesses pay their taxes, fees and fines with cryptocurrency.
The city commission is studying the proposals and is looking at the opportunities and risks that the mining and use of cybercurrencies hold for local governments. The City Commission also adopted a resolution encouraging the Florida legislature to let Miami to invest some of its treasury in bitcoin.
“I firmly believe that when and if Amazon and or Apple adopts Bitcoin as a payment structure the dam will essentially break because at that point you’re talking about a very high volume of transactions being able to use Bitcoin,” Suarez told Reuters news. “I just wanted us to be on the cutting edge and sort of ahead of the game.”
Alan Konevsky, the chief legal officer at tZERO, a Securities and Exchange Commission-approved global broker-dealer of digital securities, said he applauds the city’s receptiveness to the benefits of blockchain technology and products like Bitcoin and using it as a means of payment.
“I think this a very important step on this journey of acceptance,” Konevsky said. “The key thing with anything of value being used as a means of payment, which is different than something that you speculate in for financial gain or use as a store of value, is if you just use it as a means of paying people then the key concept is acceptance.”