The Miami-Dade County Commissioner supports a new decision allowing citizens to use cryptocurrencies such as Bitcoin (BTC) to pay local taxes.
County Commissioner Cohen Higgins has submitted a resolution to the Miami-Dade Infrastructure, Operations, and Innovation Commission calling for the creation of a 13-person cryptocurrency task force, according to a document obtained by the Miami New Times on Thursday.
The working group will explore the possibility of allowing citizens to pay county taxes, as well as paying fees and services using digital currencies, including Bitcoin, Ether (ETH) and Litecoin (LTC). According to the document, cryptocurrencies have “the potential to improve convenience and save costs.”
As part of this facility, a working group will be created that can explore the feasibility of using Miami-Dade County cryptocurrency to explore the potential advantages and disadvantages that could be associated with its use. “It is important to explore all opportunities that can support the growth of technology and the presence of startups for the benefit of our economy,” Higgins said.
The proposal will be presented to the Miami-Dade Committee on Thursday at 12:00 noon local time. If a decision is made, it must be approved by the entire district committee.
The decision cites a similar initiative taken by the City of Miami on February 11th, which called for a study to determine whether Miami residents could be allowed to pay taxes and allow city workers to receive their wages in bitcoin. The solution is proposed by Miami Mayor Francis Suarez, who is fighting hard to make the city a US cryptocurrency hotspot.
Hemang Subramanian, an assistant professor of blockchain at Florida International University’s School of Business, suggested that cryptocurrency could be attractive to Miami residents due to the city’s large out-of-state population. Since cryptocurrencies are stored in digital wallets and are not tied to a specific country, foreign and resident investors do not need to pay foreign exchange costs in order to exchange their local currency for the US dollar and vice versa.