Miami New Administration Says Cryptocurrency Cannot Be Foundation of City Economy

Florida's Miami city administration has distanced itself from the proactive cryptocurrency promotion stance of former Mayor Francis Suarez, according to Forbes. City Manager James Reyes stated that while he acknowledges value in cryptocurrencies, he does not believe they should form the foundation of the city's economic infrastructure.

The new administration under Mayor Adrienne Jones, who took office in December last year, is focusing its policies on improving permits, public safety, and housing and infrastructure maintenance rather than cryptocurrency development. Former Mayor Suarez had previously supported the crypto industry by accepting salaries in BTC and hosting cryptocurrency events.