- Miami Mayor Francis Suarez sat down with the Winklevoss twins for a conversation about what cryptocurrency is and how it can change the world.
- The Mayor wants to make Miami the most competitive Bitcoin city in the world, with the Winklevoss twins revealing they are targeting opening a LATAM HQ in the city.
The Mayor of Miami city, Francis Suarez, wants to challenge New York as the US Bitcoin hub. In a recent sitdown with Cameron and Tyler Winklevoss, Suarez revealed that he is seeking to integrate cryptocurrency payments for the public services in the city. He also invited the two Bitcoin entrepreneurs to set up their Latin America operations in the city.
The next Bitcoin hub
Suarez has been engaging with a number of Bitcoin entrepreneurs in recent weeks, seeking to find avenues through which the people of Miami can benefit from cryptocurrency opportunities. They include Benjamin Mincu, the founder and CEO of Elrond Network, and Whit Gibbs, the CEO of HASHR8, a Bitcoin mining firm.
In his latest “Cafecito Talk,” the Mayor sat down with the Winklevoss twins, the renowned founders of Gemini exchange.
Over the weekend I had the honor of having @tyler @cameron come by City Hall for a #CafecitoTalk to discuss the future of cryptocurrency and Bitcoin and the possibility of a @Gemini LATAM HQ in Miami.
This is a MUST WATCH!! pic.twitter.com/TjoiO0Tfad
— Mayor Francis Suarez (@FrancisSuarez) January 12, 2021
Suarez revealed that he is a big cryptocurrency fan and believes it has the power to transform the lives of Miami residents. He aims to make ‘Magic City’ “the most cryptocurrency competitive city on the planet.” The Mayor claimed that Miami has always been a financial hub, with a lot of capital and banking sophistication.
“We’ve got to integrate the crypto too, and I think that part is lagging a little bit, from New York, but I think we can do that fast,” he told the two entrepreneurs.
The Winklevoss twins are well versed with New York as a cryptocurrency hub. The two got their start in The Big Apple where they first founded Gemini exchange. It has grown to become a reputable trading platform, custodian and has even issued its own stablecoin, the Gemini dollar (GUSD).
A key area Suarez must improve is cryptocurrency regulations if Miami is to become a Bitcoin hub. As Tyler Winklevoss explained, they chose New York because it had an established regulatory framework.
Regulation is super important for innovation. If there’s no regulation, it’s a Wild West. If the regulation is too draconian, it stifles innovation. New York hit the right target with its regulation. It allowed us to get a license, and without it, we wouldn’t have been able to open a bank account.
Cryptocurrency payments for public services
As part of his drive to incorporate cryptocurrency in his leadership, the Mayor intends on integrating Bitcoin payments for public services. Suarez revealed that he’s looking to allow residents to pay property taxes, permit fees and other services using Bitcoin.
Miami wouldn’t be the first city in the U.S to allow Bitcoin payments for taxes. Ohio became the first state, allowing Bitcoin payments for 23 different types of taxes. However, a year later, the state discontinued this service.
Suarez further invited the Winklevoss twins to set up operations in Miami. “I’d love to get you guys to create your Latin American office of Gemini in Miami,” he told the two entrepreneurs. The exchange already has offices in New York, Chicago and Portland. Its Asian operations are based in Singapore.