Monday, November 29

Miami to deliver ‘Bitcoin returns’ to its citizens

Yesterday Francis Suárez, Mayor of Miami, revealed on CoinDesk TV that he plans to soon deliver Bitcoin to his citizens as a crypto dividend from the city.

Miami Mayor is Committed to Bitcoin

Previously in CriptoTendencia we have reported the progress made by Francis Suárez, mayor of Miami, to turn the city into a crypto paradise. And, now, Suárez has revealed that he will soon start delivering Bitcoin to his citizens.

“We need people to understand that the value of Bitcoin is increasing and yes, we want you to have BTC. But at the same time, we need to increase the utility of Bitcoin, which increases the value even more and also creates more functionality so that people can be in a better currency, frankly, “explained the mayor.

But where will the Bitcoins come from? Well, as the mayor pointed out, it will be a kind of distribution of the returns of Bitcoin. And, performance on what? Recall that, at the beginning of the year, the city’s own crypto, MiamiCoin was introduced and has already earned more than $ 21 million in the last three months.

In fact, Suárez assured that, at this rate, income through MiamiCoin could represent approximately one-fifth of the city’s annual tax revenue.

For those unaware, MiamiCoin was launched in August via CityCoin, is based on Bitcoin technology, and features an open protocol that allocates 30% of your reward to the city when your coins are purchased or mined.

How will the dividends be distributed?

According to CoinDesk TV, Suárez explained that the city will make payments through a digital wallet. But, in addition, it will work hand in hand with a series of crypto exchanges to allow its residents to acquire a wallet, register and verify.

“We are going to be the first city in the United States to give a Bitcoin yield as a dividend directly to its residents,” said Suárez.

Suárez believes in the potential of MiamiCoin. So much so that he hopes that, in the long run, this approach could potentially eliminate the need for Miami residents to pay taxes.

How did the crypto community react?

Ultimately, Suarez hopes that Miami citizens will be able to use Bitcoin and MiamiCoin as they wish, be it as a shelter against inflation or for everyday expenses.

Without a doubt, this is great news that shows that Francis Suárez truly believes in the potential of Bitcoin and Blockchain technology. Immediately after the news, Anthony Pompliano commented on Twitter that this is incredible news.

Nonetheless, some questions were also raised within the crypto community. For example, Parker Lexis answered to Pompliano’s Tweet asking why not just reduce the taxes that citizens have to pay.

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