While many government officials have taken a cold or hostile approach toward crypto, Miami Mayor Francis Suarez is demonstrating visionary leadership by embracing the future potential of cryptocurrencies. He is seeking to encourage the growth of crypto and blockchain within the South Florida city.
Suarez indicated in a recent Forbes interview that he is aiming to provide incentives for crypto and blockchain projects currently based in, and moving to, Miami. According to Mayor Suarez, “We want to make sure that we believe that if all things are equal, we win. So, we just want to equalize the playing field.”
Miami lawmakers are reviewing recently passed progressive crypto laws in Wyoming and New York for insight on their upcoming plans. Suarez has consulted with prominent members of the crypto community, including Gemini exchange co-founders Tyler and Cameron Winklevoss.
Mayor Suarez has not yet announced a timeline for actions on new crypto-friendly policies. Though, the change in venue for the Bitcoin 2021 conference from Los Angeles to Miami provided an early indication of the shifts occurring in the emerging crypto landscape of Miami.
This increased interest in crypto is part of a plan for Miami to transform itself into a tech innovation hub. By attracting talent and innovators, the city can be positioned to lure those who would have been based in the historical hubs of Silicon Valley and New York City. Recent shifts in socio-economic factors and political leanings have already contributed to major shifts, as businesses have moved to emerging business hubs like Austin and Nashville.
With lower tax rates and less regulations, Florida has long been an attractive destination for businesses seeking to relocate to a more commerce-friendly locale. Miami seems to be capitalizing on recent societal changes such as remote work and the rising popularity of the crypto world to elevate its standing as a potential tech destination as well. The city just announced a $100 million venture capital fund with Softbank that will finance existing Miami businesses and those seeking to move there.
The key to Miami’s success will be setting the stage with forward-thinking policies that encourage and support crypto and blockchain projects, rather than restrict them. Suarez acknowledged his support of this strategy, as he mentioned his desire to improve the lives of the city’s residents.
Mayor Suarez has also been very progressive regarding crypto. He has expressed an interest in offering city employees the option of being paid partially in Bitcoin or other crypto, allowing residents to pay municipal taxes and fees in crypto, and including Bitcoin as part of the city’s investments. After he directed the publication of the original Satoshi Bitcoin white paper on the municipal website, it went viral as the webpage received 2.3 million impressions.
After admiring the crypto-friendly policies of Wyoming, Suarez admitted that he’s essentially trying to copy them to attract crypto talent and projects to benefit the local economy. He remarked that imitation is the highest form of flattery and respectfully noted the creativity of a place like Wyoming in attracting people to live there. By following a similar playbook, he believes the amenities and weather of Miami will attract even more crypto and tech startups.
This positive and forward-thinking approach and embrace of crypto will undoubtedly reap significant benefits for Miami in the future. As a digital coin dedicated to freedom and abundance for Humanity, META 1 Coin has long supported these ideas. Increasing accessibility and utility of crypto will provide people of all backgrounds an opportunity to participate in the greatest opportunity for wealth creation in years, if ever.
Welcoming crypto projects, instead of persecuting them, will also lead to increased support of local communities. META 1 is encouraged by these developments and remains hopeful that other cities and governments will see the advantages of taking this positive approach and adopt them as well.