The Republican presidential race is heating up and getting even more crowded, as a Latino finally joins, with Miami Mayor Francis Suarez officially running for president.

A senior Republican source familiar with what Suarez is planning recently spoke with CBS News and stated that the Miami mayor will formally announce his candidacy on Thursday when he visits the Reagan Library for a campaign event.

Francis Suarez has now also filed paperwork with the Federal Election Commission, making him the only Hispanic candidate in the presidential race so far. He is also the third candidate from Florida, along with the two current GOP frontrunners, former President Donald Trump, who is now listed as from Florida, and Governor Ron DeSantis.

It was previously reported that many have expected him to run, as he had been raising money and was shifting city hall staff to a pro-Suarez super PAC called SOS America. This Political Action Committee released a highly produced video on Wednesday, the same day as his candidacy filing.

The Republican field is not very diverse, with mostly white men seeking the highest office in the land. There are a few exceptions, though, with Suarez being the only Hispanic candidate in the field, as well as former South Carolina Governor Nikki Haley being of Indian descent. Tim Scott and Larry Elder are the only African Americans in the crowded race so far, while CEO Vivek Ramaswamy is also Indian, much like Haley.

Suarez is of Cuban descent and is also the president of the bipartisan U.S. Conference of Mayors. He is the 11th person to join the GOP race, with more expected to announce their candidacies soon.

READ NEXT: Donald Trump Praises Kim Jong Un

Miami Mayor Francis Suarez to Appeal to Cryptocurrency Enthusiasts

While Suarez is seen to appeal to other Latinos, he will also be seen as an appealing candidate to cryptocurrency enthusiasts as he is touted as one of the most crypto-friendly politicians in the US right now.

Back in 2021, Suarez sat down with CoinDesk and praised Bitcoin's "democratizing impact on the future of wealth for every American." The Hispanic presidential candidate has also been examining ways to accept taxes and pay municipal employees in cryptocurrency.

He also launched his own cryptocurrency, the MiamiCoin (MIA), which did not do as well as Suarez had hoped, as it fell roughly 95% in value since it hit its all-time high around eight months ago, Its trading has since been suspended by OKCoin back in March.

Francis Suarez Caught in Controversy Right Now

Aside from his forays into crypto, Suarez is currently embroiled in some political controversy as it was found that he was doing paid consulting work for a developer while still mayor. This constituted some conflicts of interest as that developer needed help with permit approvals at City Hall, according to the Miami Herald.

Records obtained by the Miami Herald revealed that Suarez helped secure critical permits for the developer, which paid the mayor at least $170,000 over the past two years. That developer was identified as Location Ventures, which Suarez helped in getting plans approved for CEO Rishi Kapoor's URBIN Coconut Grove complex.

READ MORE: Ben Affleck, Matt Damon, Production Company Not Happy With Donald Trump Right Now

This article is owned by Latin Post.

Written by: Rick Martin

WATCH: Miami Mayor Francis Suarez files paperwork to launch 2024 Republican presidential campaign - CBS Miami