- Mayor Francis Suarez says Miami may become “the first city in America” to use some of its revenue to generate interest in the form of bitcoin, which it will pay to residents who hold MiamiCoin.
- “We’re going to be the first city in America to give a bitcoin yield as a dividend directly to its residents,” Suarez claimed in an interview with CoinDesk TV.
- MiamiCoin has supposedly earned over $20 million in the past three months, and if it can avoid a crash, it will only represent 1/5 of Miami’s $400 million annual tax revenue.
Rudy Takala from Mediaite writes:
“Mayor Francis Suarez (R) said Wednesday Miami was to set to become “the first city in America” to provide bitcoin dividends to its residents.
“We’re going to be the first city in America to give a bitcoin yield as a dividend directly to its residents,” Suarez said in an interview with CoinDesk TV. He said the dividend would come from staking MiamiCoin, the digital currency the city developed this year. Staking involves holding cryptocurrencies in a digital wallet that allows them to participate in validating transactions on a network.
Suarez said MiamiCoin has earned more than $20 million for the city over the last three months. If the number stays consistent at $80 million or more annually, Suarez noted it would represent a fifth of Miami’s $400 million in yearly tax revenue, presenting a possibility for it to become “a city that runs without taxes.”
In the meantime, he said Miami would use some of its revenue from the currency to generate interest in the form of bitcoin, which it will pay to residents who hold MiamiCoin…”
See full story here.