Hassan Maishera
Miami Residents Will Receive Bitcoin Dividends
The city of Miami is giving its residents a bitcoin dividend, according to Mayor Francis Suarez. He announced this during an interview with CoinDeskTV a few hours ago, stating that a yield from the staking of the city's MiamiCoin will be paid directly to residents who bought a wallet, register for the dividend and successfully pass a verification process.
MiamiCoin is the native coin of the city developed using the CityCoins protocol, a Stacks-based protocol that makes it possible for residents to buy and trade the token. The protocol is designed to generate revenue for Miami when the residents mine tokens. The city received 30% of the revenue, while those running the software got the remaining 70%.
Mayor Suarez is currently the most bullish Mayor in the United States in terms of cryptocurrencies. The city has adopted numerous crypto-friendly laws in a bid to attract cryptocurrency investors and businesses.
The city recently revealed that it had generated over $21 million since it launched the MiamiCoin project. Suarez has pointed to the project as a possible avenue to alleviate the tax burden on Miami residents.
The Mayor is confident that the city will generate massive revenue from the project over the coming years. Miami intends to stake its payout in bitcoin and give the yield to its residents. However, he added that connecting residents with wallets and discerning who will qualify for the dividend would pose a challenge.
The Mayor said, "Is it going to be, for example, taxpayers? Is it going to be people that vote in the city? People, that have a city address? That's going to be a challenge."
Miami intends to work with crypto exchanges to create a city wallet and help residents to buy and register the subsequent city wallets for the dividend. However, Miami will use a separate Bitcoin giveaway as a pilot program ahead of the dividend.
