Residents of Miami will begin to receive dividends in Bitcoin for staking the city's MiamiCoin token. Mayor Francis Suarez announced this on CoinDeskTV.
In anticipation of the launch of the initiative, the authorities will conduct a separate distribution of the first cryptocurrency as a pilot program.
“We will become the first city in America to distribute bitcoin income as dividends directly to residents,” he said .
How to participate in Miami Bitcoin rewards payout
To participate in the program, Miami residents must install a wallet, register, and pass verification. Several unnamed cryptocurrency exchanges are helping to develop the technical solution.
MiamiCoin is developed by the CityCoins project and aims to provide additional revenue to the budget. In the long term, Suarez said the city could go for a "revolutionary" tax-free.
Users receive a reward for mining coins in the native tokens of the STX project. CityCoins uses its own Stacks protocol based on the bitcoin blockchain.
70% of the reward remains for the miner, and 30% is credited to the city wallet. The authorities can access it at any time and convert assets into fiat.
“The Satoshi system can very quickly become the main one for making payments in the world. People need to understand this. We want you to hold Bitcoin and add value to it,” the mayor said.
Since launching in August, the project has raised over $22 million in STX for Miami. According to Suarez's calculations, in annual terms, this gives a figure of $80 million, which is equivalent to a fifth of the city's coffers.
The current Miami City Wallet balance is valued at $22,093,616.83 (9,552,585.24 STX): https://t.co/Q3okJhAubi pic.twitter.com/5oRXi3IBjl
— MiamiCoin City Wallet (@MiamiCoinWallet) November 12, 2021
As a reminder, in October CityCoins announced the creation of the NYCCoin city token for New York.
Read also: Mayor of Miami Wants City to Become Hub of Bitcoin Mining
Eric Adams, who took over as mayor, said he intends to receive the first three salaries in bitcoin, supporting the initiative of his colleague from Miami, Francis Suarez.
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