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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 enable residents to use cryptocurrencies like Bitcoin (BTC) to pay native taxes.

In accordance to 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 pressure.

The duty pressure would study the feasibility of permitting residents to pay their county taxes, in addition to for charges and companies utilizing digital currencies together with Bitcoin, Ether (ETH) and Litecoin (LTC). In accordance to the doc, crypto funds have the “potential to enhance convenience and save costs.” 

“The item would establish a task force that could delve into the feasibility of using cryptocurrency in Miami-Dade County, to explore any potential benefits and pitfalls that could result from its use. It is important to explore all avenues that can support an expanding tech and startup presence to benefit our economy,” Higgins stated.

The proposal will go earlier than the Miami-Dade’s committee at present at midday. If the decision passes, it nonetheless have to be accepted by the total county fee.

The decision mentions an analogous initiative enacted by the administration of the Metropolis of Miami on Feb. 11, 2021, which known as for a examine to decide 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 america.

Hemang Subramanian, a blockchain-focused assistant professor at Florida Worldwide College’s enterprise college, urged that crypto may very well be enticing for Miami residents due to its giant inhabitants coming from different nations. As crypto is saved in digital wallets and never tied to a selected nation, overseas traders and residents received’t want to pay alternate charges to change their residence foreign money into the U.S. greenback and vice-versa.

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