Miami residents will begin receiving Bitcoin dividends for staking the city’s MiamiCoin token. The announcement was made by Mayor Francis Suárez on CoinDeskTV.
\n\n
Ahead of the initiative’s launch, officials will run a separate pilot distribution of the cryptocurrency.
\n\n
‘We will be the first city in the United States to distribute income in Bitcoin as dividends directly to residents.’ he said.
\n\n
To participate in the programme, Miami residents must install a wallet, register, and undergo verification. Several unnamed cryptocurrency exchanges are assisting in developing the technical solution.
\n\n
MiamiCoin was developed by CityCoins and aims to provide additional revenue to the city budget. According to Suárez, in the long term the city could pursue a ‘revolutionary’ abolition of taxes.
\n\n
Users receive rewards for mining the coins in the project’s native token, STX. CityCoins uses its own Stacks protocol built on the Bitcoin blockchain.
\n\n
Seventy per cent of the rewards remain with the miner, and thirty per cent is credited to the city wallet. The authorities can access it at any time and convert assets into fiat.
\n\n
The current Miami City Wallet balance is valued at $22,093,616.83 (9,552,585.24 STX): https://t.co/Q3okJhAubi pic.twitter.com/5oRXi3IBjl
— MiamiCoin City Wallet (@MiamiCoinWallet) November 12, 2021
Earlier in October CityCoins announced the creation of the NYCCoin city token for New York.
\n\n
The mayor Eric Adams stated that he intends to receive his first three paychecks in Bitcoin, backing the Miami colleague Francis Suárez’s initiative.
\n\n
Subscribe to ForkLog news on Facebook!