Miami Mayor Francis Suarez announced today that the City of Miami will give Bitcoin yield as dividends to citizens. This would be done through a cryptocurrency called MiamiCoin, the digital asset of the city of Miami. The virtual currency has earned a revenue of $21 million in just three months.
Miami to Give Bitcoin Yield to Citizens
In order for citizens to get this yield, they would have to stake the cryptocurrency of the city (MiamiCoin). As reported by CoinDesk, the city is expected to process the payments using a cryptocurrency wallet. Moreover, the solution is also expected to work with some virtual currency exchanges in the market.
Mayor Suarez has been one of the most popular figures to speak about Bitcoin in the United States. It has been pushing for Bitcoin adoption in the city and the goal is to continue through this path.
Moreover, Suarez is searching for innovative ways to improve Miami citizens’ lives. For example, he explained that it might be even possible to potentially eliminate the need for residents to pay taxes.
On that matter, he commented:
“I do see very quickly a world where the satoshi system is what is used to make payments. We need for people to understand that… yes, we want you to hold Bitcoin but we also want to increase the utility of Bitcoin.”
The project would be one of the first of its kind in the United States. This is very positive as it could be used as an example in the future by other cities and regions in the country or even the world.
The yield that is expected to be shared among residents comes from a new system built on top of Bitcoin in which fees are used to pay for smart contract execution. In the long run, this could be a way to reduce tax pressure on individuals and companies in the city. However, this remains to be seen as Mayor Suarez mentioned that this could be a potential thing in the future.
Bitcoin (BTC) is being currently traded at close to $65,000 after a very positive week in which the largest digital currency surpassed new highs (reaching $68,000). It is also worth taking into consideration that Bitcoin has a market valuation of over $1.2 trillion at the time of writing. What’s more surprising is that it has yet to be adopted by a large number of individuals, cities and companies around the world.