The commissioner in Miami-Dade County supports a new solution that allows residents to use cryptocurrencies such as bitcoin (BTC) to pay local taxes.
County Commissioner Cohen Higgins sent a resolution to the Miami-Dade Infrastructure, Operations and Innovation Committee requesting the creation of a 13-member cryptographic working group, according to a document received Thursday by the Miami New Times.
The working group will examine the possibility of allowing citizens to pay county taxes, in addition to paying taxes and services, using digital currencies, including Bitcoin, Ether (ETH) and Litecoin (LTC). According to the document, cryptocurrencies can “improve convenience and reduce costs.”
The component will create a working group that can explore the use of cryptocurrency in Miami-Dade County to explore potential benefits and pitfalls that may arise from its use. “It’s important to explore all the possibilities that can support the expansion of technology and start – ups for the benefit of our economy,” Higgins said. …
The proposal will be sent to the Miami Dade Committee at 12 noon local time. If a decision is made, it must still be approved by the entire district commission.
The decision cites a similar initiative issued by the City of Miami on February 11, which requires a study to determine if it is possible for Miami residents to pay taxes and city employees to receive wages in Bitcoin. The solution was proposed by Miami Mayor Francis Suarez, who is actively fighting to transform the city into a cryptocurrency hotspot in the United States.
Hemang Subramanian, assistant professor of blockchain at Florida International University Business School, suggested that cryptocurrency may be attractive to Miami residents because of the city’s large population coming from other states. Since cryptocurrencies are stored in digital wallets and are not linked to a specific country, foreign investors and residents will not have to pay an exchange fee to exchange their local currency for US dollars and vice versa.