Residents of the US beach town of Miami will soon get free Bitcoin dividends in their crypto-wallets. The mayor of Miami, Francis Suarez, is working on a proposal to provide crypto wallets to everyone in the city and give ‘Bitocin yield’ by converting MiamiCoin revenues. In September of this year, MiamiCoin, a cryptocurrency based on the Bitcoin network, was established particularly for inhabitants of the beach resort. Suarez now intends to split MiamiCoin revenues with his children.
While being questioned during a television show, Suarez spoke about the idea. Later, Miami’s 44-year-old mayor’s official Twitter account acknowledged the situation on the microblogging site.
According to the statistics on the MiamiCoin City Wallet website, staking MiamiCoin has produced over $22 million (approximately Rs. 163 crores) in income.
MiamiCoin’s reserve wallets are changed into US Dollars in accordance with local officials’ instructions. According to a report by CryptoPotato, Suarez believes that if his city’s native crypto coin continues to generate multi-million revenues, the town’s tax obligations will be completely met without inhabitants having to empty their wallets.
MiamiCoin’s technology is backed by a start-up named CityCoins, while the administrative and political aspects are handled by the beach-administrative town’s agencies.
A single MiamiCoin coin is currently valued at $0.02388 on CoinMarketCap (roughly Rs. 1.78).
Suarez is promoting Bitcoin mining near a nuclear power station in Florida state in order to lessen the carbon impact of the operation.
In April of next year, Miami will host the “Bitcoin 2022” huge crypto event. According to its official page, this will be the world’s largest conference centered on the world’s most valuable cryptocurrency, Bitcoin, which was trading at about $70,286 (around Rs. 52.3 lakh) at the time of writing, according to sources.
More communities in the United States are considering launching their own local cryptocurrency, inspired by the MiamiCoin.
Eric Adam, the Mayor-elect of New York City, just stated that NYCCoin will be the city’s next token. This coin will be facilitated by the CityCoins start-up.
City tokens are programmable tokens that may be mined by locals to provide an extra revenue source for local governments. The people who run the program get a cut of the coins they create.