Miami sets to be the very first city in America to give Bitcoin yield as a dividend to its inhabitants with a digital wallet
Miami Citizens To Receive Bitcoin Dividend
According to Mayor Francis Suarez, every Miami citizen with a digital wallet will be eligible for a Bitcoin dividend.
In an interview on Nov. 11, Suarez claimed, “We’re going to be the very first city in America to give Bitcoin yield as a dividend straight to its inhabitants.”
In August, Citycoins introduced the MiamiCoin cryptocurrency, which generates revenue to help support municipal projects.
Staking MiamiCoin has resulted in a profit of more than $21 million for the city. On orders from city officials, its reserve wallet converts MiamiCoin deposits into USD. Suarez believes that if yields continued at this pace, the city’s tax needs might be completely met.
Why don’t you just tax people less? https://t.co/YXQGZlsPKI—
Parker Lewis (@parkeralewis) November 11, 2021
Digital Wallet Will Be Developed
Residents will not, however, need to possess any MiamiCoin to be eligible for the free BTC.
Suarez stated, “We’re going to develop digital wallets for our folks.” “And we’re going to send them Bitcoin straight from MiamiCoin’s yield.”
He stated that the ultimate goal was to get Bitcoin into the hands of as many people as possible.
Suarez is one of the most vocal proponents of Bitcoin among local legislators. Suarez and New York City Mayor Eric Adams both indicated last week that they would accept Bitcoin as payment for their next wages. Jane Castor, the Mayor of Tampa Bay, Florida, promptly matched their offer.
Mayor Suarez declared aspirations in February to convert Miami into a major cryptocurrency hub by passing the “most progressive crypto regulations” in the country. The Bitcoin conference was hosted in Miami this year, and it drew the largest turnout in the event’s history.
According to Coingecko, the price of Miami Coin increased by 18% after Suarez’s announcement, reaching a daily high of $0.02369489.
For further details, Cointelegraph has contacted the Mayor’s office.