Mayor of Miami Francis Suarez envisions a future in which Miami is the crypto capital of the United States. The vision goes beyond the city to include the world at large. The strategy for this is under planning, and it’s most likely to be executed first by paying wages to the employees in the city in Bitcoin (BTC). The mayor considers this initiative as his “major priority.”
However, there are a couple of challenges that Suarez has to go through before turning his vision into reality. The mayor has to first get the approval of tax and legal authorities in Tallahassee. Currently, it is not legal in Miami to show cryptocurrency on company balance sheets.
Besides this move, Suarez is propagating the measure that Miami residents will be able to pay taxes and fees in Bitcoin. Many organizations, Twitter being one of them, have considered the idea of paying crypto-salaries to employees. Let’s not forget, some notable sports personalities like NBA’s Cade Cunningham and NFL’s Russell Okung made it to news headlines by asking for crypto payments.
Nonetheless, it’s important to know how crypto-salaries work so that a fair exchange takes place. For converting a portion of employees’ salaries into crypto, it’s essential for both employers and employees to know about the conversation rates, fee payments, and crypto platforms. Before employees agree to receive their wages in cryptocurrency, they should ensure that everything is defined properly and in line with state regulations. The taxation bit will also require companies and employees to get the advice of a tax consultant because crypto payments are taxable events.
