US city, Miami continues to be actively involved in the cryptocurrency space. Miami is making these efforts at a time when the struggle to establish America’s biggest crypto hub heightens. In the latest development, Miami residents with cryptocurrency wallets will receive Bitcoin from yields generated from staking Miami Coin- a crypto coin dedicated to the city.
The city’s mayor, Francis Suarez revealed in a Nov 11 interview that Miami will become the first American city to distribute Bitcoin dividends to its residents. Miami Coin was first issued in August, courtesy of Citycoins- a crypto project dedicated to financing local initiatives through yield generation.
Interestingly, Miami has been able to generate yields to the tune of $21 million from. Deposits made in MiamiCoin are converted into USD on the instructions of officials in the city. Mayor Suarez highlighted the possibility of the yields funding his city’s taxes as they are being generated at a fast pace. A Twitter user had responded to this, saying the American city should consider taxing people less if such occurs.
There are no stringent conditions to meet before being eligible to receive the dividends, Suarez announced. He added that residents do not need to own Miami Coin, however, they have to own a digital wallet into which they would receive the Bitcoin dividends. Meanwhile, the mayor also said that they would create wallets for residents.
According to Mayor Suarez, this move is aimed at getting the benchmark cryptocurrency into more hands. Suarez remains a foremost Bitcoin proponent amongst political figures. On several occasions, Suarez’s Bitcoin-related comments have graced the headlines, including one where he stated that his next paycheck would be in Bitcoin. Suarez was joined by the Mayor of New York City, Eric Adams and Jane Castor, Mayor of Tampa Bay, who both expressed the same opinion about receiving Bitcoin paychecks.
Other Bitcoin-focused initiatives proposed by Suarez include enacting favorable laws to turn Miami into a major crypto hub- a move that he began by siting the venue for last Bitcoin Conference held in July, in the city. At the conference, there was such a huge turnout, making it the largest crowd the annual event had ever witnessed. As of press time, MiamiCoin was trading at 0.02369489 after moving up by 18%, following Mayor Francis Suarez’s announcement.
