HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM
File ID: #8641
Date: 02/12/2021
Commission Meeting Date: 02/11/2021
Requesting Department: City Commission
Sponsored By: Francis Suarez
District Impacted:
Type: Resolution
Subject: Analyses and Feasibility Studies - Bitcoin
Budget Impact Analysis
Total Fiscal Impact:
City Commission
Legislative Division
Office of Management and Budget
Office of the City Attorney
Office of the City Attorney
Office of the City Attorney
Office of the City Clerk
Reviewed B
Nicole Ewan
Valentin J Alvarez
Leon P Michel
Robin Jones Jackson
Barnaby L. Min
Victoria Mendez
City Clerk's Office
Meeting
Legislative Division Review
Budget Review
ACA Review
Deputy Attorney Review
Approved Form and Correctness
Rendered
Completed
Completed
Completed
Completed
Completed
Completed
Completed
02/11/2021 9:00 AM
02/23/2021 1:59 PM
02/23/2021 8:57 PM
02/25/2021 4:59 PM
03/10/2021 7:53 AM
03/15/2021 3:04 PM
03/16/2021 11:50 AM
City of Miami
Legislation
Resolution
Enactment Number: R-21-0075
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 8641 Final Action Date:2/11/2021
A RESOLUTION OF THE MIAMI CITY COMMISSION DIRECTING THE CITY
MANAGER TO UNDERTAKE ANALYSES AND FEASIBILITY STUDIES TO
DETERMINE IF THE CITY OF MIAMI ("CITY") CAN ALLOW ITS EMPLOYEES TO
CHOOSE TO RECEIVE ALL OR A PORTION OF THEIR COMPENSATION IN
BITCOIN WITH NO LIABILITY TO THE CITY, CREATE A PROCESS FOR THE CITY
TO RECEIVE PAYMENTS IN BITCOIN WITH NO LIABLITY TO THE CITY, AND MAKE
LIMITED INVESTMENT OF CITY FUNDS IN BITCOIN (COLLECTIVELY, "STUDY");
DIRECTING THE CITY MANAGER TO SUBMIT THE RESULTS OF THE STUDY TO
THE CITY COMMISSION; AFTER SUBMISSION OF THE STUDY TO THE CITY
COMMISSION, DIRECTING THE CITY MANAGER TO TAKE ANY AND ALL ACTIONS
TO LEGALIZE ON THE FEDERAL AND STATE OF FLORIDA ("STATE") LEVELS THE
USE OF BITCOIN AS DETERMINED IN THE STUDY; DIRECTING THE CITY
ATTORNEY TO ANALYZE THE LEGAL STEPS NECESSARY FOR ANY FEDERAL
AND STATE AMENDMENTS TO ALLOW BITCOIN TO BECOME LEGAL CURRENCY
FOR THE ABOVE STATED PURPOSES; AND DIRECTING THE CITY MANAGER TO
CREATE A COMMUNITY EDUCATION PROGRAM ABOUT BITCOIN IN ENGLISH,
SPANISH, AND CREOLE.
WHEREAS, Bitcoin is an open, decentralized, and censorship resistant global digital
payment network that maintains the Bitcoin cryptocurrency; and
WHEREAS, Bitcoin is the first verifiably scarce digital asset with a fixed cap of 21 million
bitcoin and has emerged, since its launch in 2009, as an increasingly popular asset for
individuals and corporations; and
WHEREAS, numerous other high -profile institutional investors have invested in Bitcoin,
including several public companies, Ivy League college endowments, and large -cap mutual
funds; and
WHEREAS, as Bitcoin adoption spreads, the price of the asset has increased over
750% in value since March 2020; and
WHEREAS, Bitcoin's market cap is now over $800 billion in value and the Bitcoin
network has securely maintained the integrity of the cryptocurrency continuously and without
disruption since its inception more than twelve (12) years ago; and
WHEREAS, the City of Miami ("City") is committed to establishing itself as a 21 st Century
City that embraces new technologies that provide value to our residents and businesses and is
committed to promoting the emergence of Bitcoin as it continues to gain mainstream
acceptance;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated as if fully set forth in this Section.
Section 2. The City Manager is hereby directed to undertake analyses and feasibility
studies to determine if the City can allow its employees to choose to receive all or a portion of
their compensation in Bitcoin with no liability to the City, create a process for the City to receive
payments in Bitcoin with no liability to the City, and make limited investment of City funds in
Bitcoin (collectively, "Study").
Section 3. The City Manager is directed to submit the results of the Study to the City
Commission for further consideration.
Section 4. After providing the Study to the City Commission, the City Manager is
directed to take any and all actions to legalize on the Federal and State of Florida ("State")
levels the use of Bitcoin as determined in the Study.
Section 5. After the City Manager provides the Study to the City Commission, the City
Attorney is directed to analyze the legal steps necessary for such Federal and State
amendments to allow Bitcoin to become legal currency for the above stated purposes.
Section 6. The City Manager is directed to create a community education program about
Bitcoin in English, Spanish, and Creole.
Section 7. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
ndez, City Attor
ey