Miami Mayor FrancisSuarez is the latest Republican to jump into the race for president. Suarez is one of the most committed digital asset proponents in elected office. Here is a look at some of the actions he has taken to promote cryptocurrency.
Suarez, 45, is a long-shot contender for the Republican nomination, but his candidacy will undoubtedly shine some more light on the cryptocurrency industry and how much it has grown over the past several years. Suarez is one of the most committed digital asset proponents in elected office, and his tenure as mayor over the past five or so years reflects that.Suarez announced in late 2021 that he would be accepting 100% of his salary as mayor in the form of bitcoin.
The idea behind MiamiCoin was that it would raise revenue for the city while promoting Miami’s embrace of cryptocurrency and related technologies. As part of an arrangement with CityCoins, 30% of MiamiCoin miners’ proceeds go to the city. After launching in 2022, the government received a more than $5 million disbursement from CityCoins, which was allocated to a city rental assistance program.
The mayor has emphasized the area’s low taxes and relatively lax regulatory environment as being the perfect haven for crypto startups. Perhaps the biggest move came in 2022 when now-defunct crypto giant FTX moved its U.S. headquarters to the area.
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