Miami Passes Resolution to Support Bitcoin Payments

Francis Suarez, the Mayor of Miami, thanked the Miami City Commission yesterday for supporting a resolution that will allow Bitcoin Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term in the city. Miami is considering paying its employees through BTC.

According to an official announcement by Suarez, Miami is also planning to invest City Treasury in the world’s largest cryptocurrency. Another important part of the resolution is to allow Miami citizens to pay their taxes in Bitcoin.

“It’s wonderful to be a crypto-focused city, and I want to thank my commission colleagues for allowing that to happen,” Suarez said. During a recent conversation with Bloomberg, the mayor of Miami said that the crypto market is growing significantly.

Finance Magnates earlier reported about the views of Suarez about the world’s largest crypto asset. During an interview with Fox Business, he said that the city is planning to facilitate crypto businesses. “If I would have invested in Bitcoin last year, I would have made 200 plus percent. So, I would have looked like a genius. We are looking into allowing citizens to make payments, including taxes and fees to the city in bitcoin. We are also considering diversification of our investment portfolio to invest in BTC,” Suarez said during the interview.

Adoption

The recent announcement by Miami has opened doors for broader adoption as the city is planning to allow its citizens to pay the fee through Bitcoin. Retail and institutional demand for the world’s largest cryptocurrency has been on the rise since the start of 2021. Recently, the world’s biggest electric-car maker, Tesla revealed that it has invested nearly $1.5 billion in Bitcoin. Mastercard announced yesterday that the company is planning to accept Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term by the end of 2021. BTC is now up more than 60% since the start of this year. Retail and institutional adoption has pushed the total market cap of Bitcoin to nearly $900 billion.

In addition to Miami, several states in the US including New Jersey introduced a regulatory framework for the companies working in the crypto market.