The City of Miami will soon provide residents with bitcoin wallets and pay them dividends from the staking of MiamiCoin
While the United States of America is currently the most welcoming country for Bitcoin miners, U.S. regulators have yet to give a final verdict if crypto currencies and assets can legally coexist with fiat money and other traditional assets. The U.S. as a whole might not regard Bitcoin adoption as a paramount necessity, but certain cities like Miami and New York are already trying to set an example when it comes to integrating Bitcoin with the local economy. Just last week, the mayors of Miami and NYC announced that they would make it so they received their salaries directly in BTC, and now the mayor of Miami is pushing BTC adoption further with a plan to distribute "bitcoin yield" to all residents from the city’s stake in the proprietary MiamiCoin.
Mayor Francis Suarez announced live during a CoinDesk broadcast that Miami is “going to be the first city in America to give a bitcoin yield as a dividend directly to its residents.” Suarez explained that this yield results from the staking of the city’s own MiamiCoin, which was introduced earlier this year and already earned $21 million just in the past three months. On an annualized basis, these earnings are roughly equal to one-fifth of Miami’s total annual tax revenue of $400 million. Suarez believes that this approach could eliminate the need for Miami residents to pay taxes in the long run.
The Miami mayor will also work with several crypto exchanges to facilitate the creation of digital wallets, along with seamless registration and verification processes for all the residents. Additionally, Miami is aiming to develop a sustainable Bitcoin ecosystem, providing cheap nuclear energy to miners and increasing the utility of crypto coins by allowing residents to make any kind of payment via the BTC-based MiamiCoin.