Miami-Dade Residents Might Be Able To Pay Taxes With Crypto

Source: Adobe/diquesvet

A brand new proposal by Danielle Cohen Higgins, County Commissioner of District 8 from the Miami-Dade county in Florida, US, calls for the institution of a activity power to look into the opportunity of enabling residents to pay their taxes in cryptocurrency.

Should the proposal undergo, native residents will probably be allowed to pay for taxes, companies and charges with cryptocurrencies reminiscent of bitcoin (BTC), litecoin (LTC) and ethereum (ETH).

Higgins ready the decision and sponsored it, permitting Geri Bonzon-Keenan, County Attorney of Miami-Dade, to submit it together with a memorandum to the Board of County Commissioners.

The decision foresees the creation of the Miami-Dade Cryptocurrency Task Force, established for the aim of learning:

  • the feasibility of the county accepting cryptocurrency and different digital financial types as “fee for county taxes, charges, and companies”;
  • figuring out potential prices associated to accepting cryptocurrency and different digital financial types fee for county taxes, charges, and companies;
  • and growing suggestions to the board on different coverage initiatives linked with cryptocurrencies that may be advantageous to the county.

“The Task Force shall be comprised of 13 members appointed by the Board (one member by every County Commissioner). Each member of the Task Force shall have no less than 5 years’ expertise within the cryptocurrency, monetary, banking, enterprise growth, or cybersecurity industries,” the decision mentioned.

The activity power is to supply its closing report inside 180 days following its first assembly, in response to the doc.

The decision states that the previous years have introduced a surge in crypto-oriented initiatives aimed to facilitate cryptocurrencies’ use in Florida. Among others, in 2019, the Florida Legislature established the Florida Blockchain Task Force with the purpose to check if and the way state, county, and municipal governments may gain advantage from “a transition to a blockchain-based system for recordkeeping, knowledge safety, monetary transactions, and repair supply and determine methods to enhance authorities interplay with companies and the general public.”

In addition to this, final February, with the backing of its crypto-friendly Mayor Francis Suarez, town of Miami handed a decision to check the feasibility of enabling its workers to obtain all or part of their salaries in bitcoin, permitting town to acquire funds within the cryptocurrency, and investing town funds in bitcoin.
Learn extra:
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