Miami Mayor Will Allow Employee salaries in Bitcoin

[jossiel]

An anonymous buyer paid $22.5 million in cryptocurrency for a penthouse in the Arte Surfside luxury condominium located in Miami. This is written by Forbes. The four-bedroom apartment with four bathrooms and a terrace with ocean views is located on the ninth floor. The cost per square foot was $4,440.50.  https://www.forbes.com/sites/petertaylor/2021/06/07/miami-beachs-most-expensive-penthouse-just-sold-in-americas-largest-known-cryptocurrency-real-estate-deal-that-could-change-housing-forever/?sh=42829b8d64a6
According to the publication, this is the most expensive purchase of real estate for digital assets at the moment. It took ten days to close the deal.

The link doesn't work anymore. So here's another link for that news and purchase in Miami.

https://sports.yahoo.com/miami-beach-penthouse-becomes-america-055129932.html

The other link from businessinsider doesn't work and it seems to have the same error as what forbes has. I think that's just temporary and will be fixed soon.

[AicecreaME]

Surely, Miami's citizens are lucky to have such Mayor that is open minded. Majority are aware that in most countries bitcoin is illegal and even prohibited. The government around the world mostly aims to suppress and control cryptocurrency. However, there really are people like this mayor that brings the torch amidst darkness.

It's nice to know that their leader allowed them to pick what form of salary they want to receive. I like the idea of not enclosing the workers choice to the traditional options of payment. However, this has its consequences as well. We are all aware that bitcoin is volatile, hence, its value won't be stable every time. There will be times that bitcoin will be in high position or the other way around. What could possibly their solution if ever bitcoin has went rock bottom? Their workers would be underpaid if ever. I just hope they will lay all the terms and conditions so that it will be fair and square on both parties.

Nonetheless, cheers for having a great leader that strives to give better services and options to his constituents.

[Daltonik]

Not only Miami, but also Texas promotes the integration of crypto assets into government structures. The Texas Department of Banking has allowed state-owned banks to store cryptocurrencies. This is stated in the notification of the regulator on June 10. https://www.scribd.com/document/511395733/in2021-03#from_embed

[romero121]

These days we've been getting more and more number of positive announcement on cryptocurrency usage. Particularly from the persons who lead countries and state governments. This is a big positive news for the progress of Bitcoin in term of adoption and real-time usage.

Already there were few private corporate networks that pay its employees in terms of bitcoin based on the employees willing to accept. Now a government providing its employees with Bitcoin makes it a progressive statement and could make some positive note on Bitcoin.

[Shasha80]

These days we've been getting more and more number of positive announcement on cryptocurrency usage. Particularly from the persons who lead countries and state governments. This is a big positive news for the progress of Bitcoin in term of adoption and real-time usage.

Already there were few private corporate networks that pay its employees in terms of bitcoin based on the employees willing to accept. Now a government providing its employees with Bitcoin makes it a progressive statement and could make some positive note on Bitcoin.

It's not new regarding Bitcoin being used as an option for paying salaries, because previously there were several companies that paid employee
salaries with Bitcoin. This kind of thing should be increasingly popularized, so that the Bitcoin adoption process will be faster. And also the leaders of
other countries hopefully there are those who follow in the footsteps of the Miami Mayor, who allowed employees to earn salaries through Bitcoin.
Because for big changes to occur, the decisions of the highest people are very influential. Positive news like this should be spread widely,
to motivate other leaders to do the same.

[qwertyup23]

<snip..>

This is very interesting as in the Philippines, the law is very explicit and clear that salaries paid must be receive in recognized legal tender.

As a general rule, salaries/wages received by an employer can only be by means of legal tender or cash deposits. It cannot be in any way other than what is recognized as legal tender. Hypothetically, in order for this type of suggestion be implemented, there has to be an amendment in our Labor Laws or a resolution viewing bitcoin or other cryptocurrencies as legal tender.

I do hope that the government in our country sees the advantage of having such implementation. Even if the form of payment is explicitly provided for by law, I think it would be better if it is left to the discretion of the employee.

[Daltonik]

The E11EVEN Hotel and Residences condominium complex from Miami provided an opportunity to make deposits for real estate in cryptocurrency, before announcing its initiative, the company received a down payment for the apartments in digital currency. Within a month, the buyer will pay the second part of the amount. https://www.foxbusiness.com/real-estate/e11even-hotel-and-residences-miami-crypto-deposits-on-condos

[Tumanggor]

Not only Miami, but also Texas promotes the integration of crypto assets into government structures. The Texas Department of Banking has allowed state-owned banks to store cryptocurrencies. This is stated in the notification of the regulator on June 10. ~

Miami and texas are big cities, their regional heads are really great
while many other countries are afraid of the potential of cryptocurrencies, these two cities are "welcome" to cryptocurrencies

It's not easy to make this big decision because there are bound to be a lot of debates and differences of opinion that arise
but these two cities are really great, hope to one day become a citizen of one of these cities

[ShowOff]

As a general rule, salaries/wages received by an employer can only be by means of legal tender or cash deposits. It cannot be in any way other than what is recognized as legal tender. Hypothetically, in order for this type of suggestion be implemented, there has to be an amendment in our Labor Laws or a resolution viewing bitcoin or other cryptocurrencies as legal tender.

True, the government may have to overhaul labor-related laws so that bitcoin is also one of the legal tender for employees. If that happens then I'm pretty sure bitcoin will be much more popular among employees in miami and the government's move will be supported by a large part of the bitcoin community. Patenting the rule regarding bitcoin as a legal tender including paying employee salaries may be a difficult step. Meanwhile, the government's attitude is also quite good in supporting its right to bitcoin.

I wonder if Miami has legalized bitcoin as legal tender before?

[Daltonik]

Miami Mayor Francis Suarez hopes to attract Chinese government-harassed miners to the city by offering them access to nuclear power. According to Suarez, he has not received specific offers from Chinese enterprises for the extraction of cryptocurrencies, but believes that cheap electricity will force them to transfer capacity. https://www.cnbc.com/2021/06/17/miami-mayor-francis-suarez-trying-to-win-over-chinese-bitcoin-miners.html

[Viscore]

Not only Miami, but also Texas promotes the integration of crypto assets into government structures. The Texas Department of Banking has allowed state-owned banks to store cryptocurrencies. This is stated in the notification of the regulator on June 10. ~

Miami and texas are big cities, their regional heads are really great
while many other countries are afraid of the potential of cryptocurrencies, these two cities are "welcome" to cryptocurrencies

It's not easy to make this big decision because there are bound to be a lot of debates and differences of opinion that arise
but these two cities are really great, hope to one day become a citizen of one of these cities

The leaders of both Miami and Texas will definitely create big changes in their cities and its all matters of a kind of leadership where great changes can be achieved.

Crypto will be more recognized with this kind of promotion. If all leaders would come out from their comfort zone and would not be afraid of debates or any differences, then crypto will most likely to be adopted soon in the near future.

[andriarto]

Not only Miami, but also Texas promotes the integration of crypto assets into government structures. The Texas Department of Banking has allowed state-owned banks to store cryptocurrencies. This is stated in the notification of the regulator on June 10. ~

Miami and texas are big cities, their regional heads are really great
while many other countries are afraid of the potential of cryptocurrencies, these two cities are "welcome" to cryptocurrencies

It's not easy to make this big decision because there are bound to be a lot of debates and differences of opinion that arise
but these two cities are really great, hope to one day become a citizen of one of these cities

The leaders of both Miami and Texas will definitely create big changes in their cities and its all matters of a kind of leadership where great changes can be achieved.

Crypto will be more recognized with this kind of promotion. If all leaders would come out from their comfort zone and would not be afraid of debates or any differences, then crypto will most likely to be adopted soon in the near future.

We expect news like this to accelerate adoption in various sectors and regions. so that there will be more facilities for the use of bitcoin and finally governments in many countries are forced to legalize it. of course this is the first step like elsalvador that can make other parties do not hesitate to use bitcoin

[Obito]

It seems that a lot of state and cities in USA is already adopting or considering bitcoin and I think that Miami doing the work of initiating the movement is pretty cool that they are able to influence the other cities.

[Xinarae*]

If the mayor of Miami allows employees to pay for bitcoin this will increase the demand for crypto. Everyone will be inclined to invest in bitcoin and other countries around the world will support crypto for their development their city will be much improved the deadlines for a number of projects that are currently under construction have been extended and even in the near stages of their implementation it is often seen that the problem with the design of the project has to be changed several times. There are delays in implementation and the cost of the project exceeds the budget.

[ILuckyGuyI]

This is a good way to make an advertisement of Bitcoin actually. Otherwise, there is no need to do such thing as people can already buy some Bitcoin with some amount of their salary.

[fullhdpixel]

Not only Miami, but also Texas promotes the integration of crypto assets into government structures. The Texas Department of Banking has allowed state-owned banks to store cryptocurrencies. This is stated in the notification of the regulator on June 10. https://www.scribd.com/document/511395733/in2021-03#from_embed

That's mainly because we have a crypto mining operation setup going on in texas, and that is going to bring a ton of both energy consumption which we all know texas loves very much, but also we will have a new business that pays taxes there. So why wouldn't texas be positive towards crypto?

Let's say you are governor or whatever the highest position in your region is, and someone comes to you and tells you that there are 10+ different companies willing to spend millions of dollars to build a business in your area, it is not an illegal business, and they will pay combined hundreds of thousands of dollars in taxes and hire many people, wouldn't you make life easier for them as well? That is what I am talking about, it is basically a no brainer for texas to make crypto supported and not just allowed, there is a big difference between supporting something and allowing something.

[The Sceptical Chymist]

As a general rule, salaries/wages received by an employer can only be by means of legal tender or cash deposits. It cannot be in any way other than what is recognized as legal tender. Hypothetically, in order for this type of suggestion be implemented, there has to be an amendment in our Labor Laws or a resolution viewing bitcoin or other cryptocurrencies as legal tender.

Or if the Philippines were to experience some kind of hyperinflation event, I bet the government might change its stance on that particular law--but hopefully that won't happen.  I'm not sure if there are any such laws in the US, and I'm wondering why your country requires wages to be paid in a legal tender currency.  Any idea?

You might think it's progressive for Miami to be allowing for this, but I've always thought it ludicrous to want to be paid in bitcoin if you had a choice.  And it's not because I'm anti-bitcoin (far from it); it's the damn volatility that makes it such a risk.  The way I see it, if you need bitcoin at every paycheck period it'd be far better to use your fiat and buy it rather than actually getting it in the form of that paycheck.

It's not as though everything you need to buy from day to day (fuel, food, entertainment, etc.) can only be paid for with bitcoin.  In fact, more often than not some things can't be purchased using bitcoin at all, like your utility bills for example.  Wouldn't it be wiser to spend the bad money (fiat) and convert surplus bad money into good money (bitcoin) instead of being basically forced to spend the good money and taking the risk that bitcoin might lower the fiat value of your paycheck?  Call me crazy, but that's how I've always viewed this issue of receiving wages in the form of crypto.

[Daltonik]

The participants of the election campaign for the post of mayor of New York use the rhetoric about the spread of the bitcoin ecosystem as arguments, so one of the candidates, the leader of the Democratic Party, Eric Adams, gave a brief approval to bitcoin

“We are going to become the center of life science, the center of cybersecurity, the center of self-driving cars, unmanned aerial vehicles, the center of bitcoins.”

[Kasabus]

This is a good way to make an advertisement of Bitcoin actually. Otherwise, there is no need to do such thing as people can already buy some Bitcoin with some amount of their salary.

Miami mayor has open more great opportunities for bitcoin to be also adopted in some countries. I hope by next months, other countries too would start taking  positive steps on bitcoin just like El Salvador and Miami who were open to bitcoin as a medium of exchange.

Mayor Francis may have been holding bitcoins in his account for a long time just like others would say. But the fact that his whole area is already into bitcoin, then it will create other countries to give bitcoin as a salary for their employees too once this first step will become a successful one.

[bitzizzix]

Great news and will set an example for mayors and other states to implement bitcoin to pay civil servants salaries in Bitcoin and also allow citizens to pay taxes in crypto as Miami Mayor Francis Suarez said and was the first to implement it.
very lucky to have a mayor who really understands his citizens who are most likely bitcoin or other crypto users, hopefully this will be a positive example that will make bitcoin positive and useful for those who use it, and but it must be realized that bitcoin has a volatile nature.