HomeMy WebLinkAboutR-21-0075City of Miami
Resolution R-21-0075
Legislation
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.
SPONSOR(S): Mayor Francis X. Suarez
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;
City of Miami Page 1 of 2 File ID: 8641 (Revision:) Printed On: 5/15/2025
File ID: 8641 Enactment Number: R-21-0075
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
3/15/2021
City of Miami Page 2 of 2 File ID: 8641 (Revision:) Printed on: 5/15/2025