by Suarez to pay city workers in bitcoin — point to the volatility of these currencies, which are unregulated and historically unstable.These are complex financial instruments with murky tax rules and no FDIC backing.
in a recent interview with CBS Boston. “There’s so much speculation taking place in stocks and securities and crypto and stuff like that — I would be very careful.”The details of how municipal cryptocurrency accounts would work have yet to be hammered out, but Suarez has gained some adherents. "I think he's spot on with this sentiment," Mayor Justin Bibb of Cleveland tells Axios.
Bibb says that with cryptocurrency he sees "a unique opportunity to reimagine how we think about financial inclusion, financial democracy."Miami has successfully courted the crypto industry — most notably through its own cryptocurrency, MiamiCoin, which, in Suarez's vision, is meant to raise enough revenue that the city could stop levying taxes.
“We’re going to create digital wallets for our residents, and we’re going to give them Bitcoin directly from the yield of MiamiCoin,” Suarez is quoted in the Herald as saying.
Maybe they should rethink this after today’s crypto debacle.
Uh huh 😒
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