The City of Miami will give out Bitcoin rewards to its residents as dividends from staking the new MiamiCoin (MIA).
Miami Mayor Francis Suarez stated in an interview that he’s exploring a new machine where the metropolis will distribute BTC dividends from the yields on staking its new crypto. Suarez wishes to build a digital pockets that residents can use to exchange and obtain their dividends.
“We’re going to take our first draw on the first $20 million, and we’re going to stake the last stability in Bitcoin. So what we’re going to get as a yield on the staking is Bitcoin, and… We’re going to be the first city in America to give a Bitcoin yield as a dividend without delay to its residents, so we’re going to create digital wallets to our residents and give them Bitcoin directly from the yield of MiamiCoin.”
Suarez printed that the city had earned over $21 million from MiamiCoin already. If annualized, that amount would add up to roughly one-fifth of Miami’s entire yearly tax revenue, which theoretically suggests that in the long run, in accordance to the mayor, the new system could dispose of the want for residents to pay taxes.
“Why are we making such an emphasis on Bitcoin? We’re seeing inflation at over 6% which I assume is an underreporting of inflation, and we see the fee of Bitcoin surging, it clear that humans are taking their cash out of dollars, and inserting in a currency and in a shop of price that they feel assured in because it’s not driven by way of humans who manipulate it for their personal coverage ends.”
Suarez has some friendly competition with New York mayor-elect Eric Adams, who has launched an “NYCCoin” and has promised to receive his first three paychecks in Bitcoin. Similar to Suarez, Adams desires to make New York an epicenter of crypto innovation. He promised to “build a pipeline of talent” of young humans who understand the science into New York and ramp up the ecosystem.
“Part of the conferences I’ve been having is to deliver together the total Bitcoin industry. We need to do countless things with it. Number one, we need to look at what’s preventing the boom of Bitcoin and cryptocurrency in our city, what is in the way of that. I’ve met with the mayor of Miami and we’re going to have a friendly competition…
He has a MiamiCoin that is doing very nicely — we’re going to seem to be in the path to carry that out.”
Both cities’ new cryptos are powered by non-profit CityCoins, which ambitions to make it handy to support one’s metropolis thru blockchain-based tokens. At the time of press, MiamiCoin (MIA) is trading at $0.024. Mining for NYCCoin started out on November 10.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.