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- The City of Miami will soon provide its inhabitants with a “bitcoin dividend” from the staking of its cryptocurrency
- The return is derived from the staking of MiamiCoin, the city’s own cryptocurrency, which was introduced earlier this year and has already produced more than $21 million for Miami in the last three months
- Suarez and New York City Mayor Eric Adams both declared last week that they will take Bitcoin for their future salaries. Jane Castor, the Mayor of Tampa Bay, Florida, promptly matched their offer
The City of Miami will soon provide its inhabitants with a bitcoin dividend from the staking of its cryptocurrency. In August, Citycoins debuted the MiamiCoin cryptocurrency, which generates income to help fund municipal initiatives. Its reserve wallet turns MiamiCoin deposits into USD according to local authorities’ directions. Suarez stated that if yields continue at this pace, they may be able to completely pay the city’s tax obligations.
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The return is derived from the staking of MiamiCoin, the city’s own cryptocurrency, which was introduced earlier this year and has already produced more than $21 million for Miami in the last three months. Suarez pointed out that if that amount was annualized, it would be nearly one-fifth of Miami’s entire yearly tax collection of $400 million.
The payments will be made using a digital wallet, and the city will collaborate with a number of cryptocurrency exchanges to enable citizens to obtain a wallet, register, and become verified, according to the mayor. Suarez is one of Bitcoin’s most vocal supporters among local legislators.
Suarez and New York City Mayor Eric Adams both declared last week that they will take Bitcoin for their future salaries. Jane Castor, the Mayor of Tampa Bay, Florida, promptly matched their offer. Mayor Suarez has recently transformed his city into an oil-producing country that provides its inhabitants with bitcoin yield. CityCoins is the group that established and operates MiamiCoin.Suarez believes that in the long term, the strategy might eliminate the need for Miami residents to pay taxes, which he calls revolutionary.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
