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City Of Miami Mayor Doubles Down On Desire To Use Cryptocurrency

Photo: Andre Francois McKenzie

While touting efforts to make Miami one of the most tech-friendly cities in America on CNBC, Mayor Francis Suarez doubled down on pursuing the use of cryptocurrency.

“We’re going to allow our employees to be paid by crypto, we’re going to allow our residents to pay for their fees in crypto and we’re even going to study the possibility of investing in crypto as an asset,” Suarez said.

Suarez told CNBC’s Jon Fortt yesterday there would be no risk to paying city employees with the frequently fluctuating cryptocurrency Bitcoin:

“It will be an instantaneous trade so when the employee gets paid for example and opts to get paid in bitcoin, they will instantly, the moment that the pay is going to hit the bank wire, get paid in bitcoin so that will be an instantaneous transaction. So, there will never be a wild fluctuation of that kind.”

Suarez says a third party will insure the currency to cover any immediate losses in value.

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