“We’re going to be the first city in America to give a bitcoin yield as a dividend directly to its residents,” said Francis Suarez, the mayor of Miami.
The Bitcoin yield sourced from the staking of MiamiCoin, the city’s own cryptocurrency, is expected to be distributed among the residents. The mayor believe that this can remove the need for Miami residents to pay taxes in the long run.
MiamiCoin was introduced during early 2021 and has raked in over $21 million for the past three months. Suarez stated that the revenue (in a year) would roughly equate to one-fifth of Miami’s total annual tax revenue of $400 million.
The city will be working with many cryptocurrency exchanges so that the residents can own a digital wallet, register and be verified. Miami residents will also be paid dividend via the digital wallet.
Mayor Suarez said that he envisions a world where the Satoshi system is the new standard as a payment method. He added that, while they want people to hold Bitcoin, they also want to increase the utility of Bitcoin.
