Tuesday, December 6, 2022
Home Health Miami Mayor to hand out profits from Bitcoin based MiamiCoin among residents

Miami Mayor to hand out profits from Bitcoin based MiamiCoin among residents

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Residents of US beach city Miami may soon get cryptocurrency MiamiCoin in their crypto wallets for free. Miami city mayor Francis Suarez announced on Twitter that the city will share some of the gains from the city’s cryptocurrency with all its citizens and will distribute payments through digital wallets.

It is worth noting that MiamiCoin was launched in August through CityCoins, which is based on Bitcoin technology, an open-source protocol that allocates 30 percent of its reward to cities when their coins are bought or mined.

The cryptocurrency has generated over $21 million in the past three months for the city. If annualised, it would amount to roughly $80 million, which is already one-fifth of the city’s total annual tax revenue of $400 million, the mayor told CoinDesk TV. “We’re going to be the first city in America to give a Bitcoin yield as a dividend directly to its residents,” Suarez added.

The Miami mayor plans to make the Florida capital a new centre of digital finance. Suarez is also working on a plan to pay city officials in cryptocurrency. Earlier this month, New York city’s new mayor-elect Eric Adams and Miami Mayor Suarez have announced to take their paycheques in Bitcoin.

He told Bloomberg in October that his city will advance a plan to pay city workers in Bitcoin. He also said he wants the state of Florida to allow Miami to hold Bitcoin on its balance sheet. Bitcoin and some other cryptocurrencies are legal in the US, and El Salvador is the first country to adopt it as a legal tender.

Disclaimer: Cryptocurrency is an unregulated space and digital currencies are not backed by any sovereign authority. Investing in cryptocurrency comes with market risks. This article does not claim to provide any kind of financial advice for trading or buying cryptocurrency.

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