By FintechNews staff
-On Thursday, Mayor Francis Suarez tweeted an interview in which he said the city of Miami will give its residents Bitcoin wallets and pay them a dividend for staking the city’s cryptocurrency, MiamiCoin. “We’re going to be the very first city in America to give Bitcoin yield as a dividend directly to its residents,” Suarez said in an interview on Nov. 11.
-“We’re going to create digital wallets for our residents,” said Suarez. “And we’re going to give them Bitcoin directly from the yield of MiamiCoin.”
-Francis Suarez is a self-confessed cryptocurrency fanatic and is decided to make his metropolis a world hub for the blockchain technology business.
–MiamiCoin is the first U.S. city cryptocurrency, developed by CityCoins. San Francisco may soon follow, according to CityCoins’ website.
-Investors can earn through two ways: mining (obtaining cryptos by solving complex equations) and staking (earning rewards for holding certain kinds of cryptos).
When they do either or both, they keep 70% of the reward. The other 30% automatically goes to the city.
-Thus far, the project has sent about $7.1 million to Miami, according to The Washington Post, and Suarez thinks MiamiCoin could generate as much as $60 million over the next year.
-“When you think about the possibility of being able to run a government without the citizens having to pay taxes. That’s incredible,” Suarez told The Washington Post.
-MiamiCoin token has earned over $21 million for the city since its launch in August.