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The MiamiCoin distribution will fund a rental assistance programme

According to Mayor Suarez, MiamiCoin will be the first CityCoin to withdraw funds from its treasury following a $5 million disbursement.

Following the announcement that Francis Suarez, Mayor of Miami, received a $5.25 million disbursement from the MiamiCoin wallet.

Mayor Suarez emphasized Miami’s affordable “housing crisis,” citing rising rent prices that do not correspond to the area’s median income. He revealed that the City of Miami has been working closely with the CityCoins team to address this issue since the beginning of the year.

According to Suarez, the City of Miami had $15 million in its designated wallet following the latest crypto market crash, down from $24 million in mid-January. In early February, he said, the Treasury received $5.25 million.

“We’re putting $5 million of those dollars toward a rental assistance program for city residents who have seen significant rent increases.”

Mayor Suarez went on to say that their “fiscally responsible” approach to using treasury funds aims to “make a substantive impact on the community” and “grow the treasury for the long-term benefit of Miami citizens.”

When asked about plans to give residents a Bitcoin dividend, he stated that the team is “actively working” on it and that the main priority is to ensure that residents “have all the necessary tools to properly leverage that yield for further personal economic benefit.”

According to CityCoins guidelines, the formal process of allocating any funds from MiamiCoin requires a vote of the City Commissions. As a result, if residents want to express their thoughts or make suggestions, they must do so through public comment. Mayor Suarez, on the other hand, confirmed that the CityCoins team is in the process of establishing governance DAOs to allow MiamiCoin holders to actively participate in and vote on proposed measures.

MiamiCoin, NYCCoin, and AustinCoin are the only CityCoins that can currently be mined, and their holders are rewarded via the Stacks Protocol.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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