Miami Mayor Francis Suarez joins 'Varney & Co.' to address the city's progress on cryptocurrency implementation.
Mayor Francis Suarez discusses Miami's push to become the next tech hub on 'FOX Business Tonight.'
"That doesn’t seem to be very accurate to me," he said. "We knew that investing in Bitcoin as part of our Treasury was something that would require changes in the law. Those changes haven’t happened… and they’re not city changes that have to happen. Those are state and federal potential changes." "So until those changes happen, that’s not even possible," he said. "So it’s certainly not a failure."Miami's residents should be expecting payment in Bitcoin in the first quarter of 2022. Suarez explained that the dividend yield being distributed will be based on the city’s return on investment from MiamiCoin.
"That will be distributed to every single Miamian that is verified that gets a digital wallet," he said. "It will be government innovation actually yielding a benefit to our residents. It’s going to be something incredible."
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