Paying taxes in bitcoin could make Miami-Dade ‘crypto capital of the world’: Commissioner

Miami-Dade County Commissioner Danielle Cohen Higgins said potentially allowing residents to pay taxes in bitcoin could be a "strong first step" toward her community becoming "the crypto capital of the world" on FOX Business’ "Cavuto: Coast to Coast."

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DANIELLE COHEN HIGGINS: What I'd like to do is create a task force in order to look into the viability and the feasibility of allowing our residents to pay for fees and services in bitcoin. Listen, bitcoin has been around for a while. It's an asset. It's also a method and a form of payment. But it's a burgeoning industry. And we are open for innovation here in Miami-Dade County, in south Miami-Dade County. And we want to welcome those innovative companies and create an environment that is as attractive to them as possible. 

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The volatility is certainly one of the risks associated, but many are agreeing that the benefits outweigh those risks. Large corporations are starting to accept this form of payment -- AT&T, Home Depot and many others. And I believe that this is the wave of the future. Miami-Dade County is made up of immigrants. We are made up of a community of entrepreneurs. We are accustomed to taking certain levels of risks that are mitigated and that are calculated. And we want to be prepared for the future. We're always, always focused on today, but always focused and looking at being prepared for tomorrow. And I see cryptocurrency and bitcoin being exactly in line with that. 

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I want to be careful, obviously, because this would be a big step for the county. Other municipalities have passed similar legislation. And in our state capital in 2019, there was similar legislation passed regarding blockchain technology and looking into it. So I think that government should be proactive instead of reactive. And my goal is simply to put together a task force of professionals that have at least five years experience in the world of finance, banking and cryptocurrency to take a look at whether Miami-Dade can be the forefront and can be a leader on this. Again, it's an industry -- we want to welcome events. We want to welcome businesses. And we want to be the crypto county or the crypto capital of the world. And this, I believe, is a very, very strong first step.

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