Miami will be giving residents free bitcoins from winning city coins

According to Mayor Francis Suarez, every Miami resident with a digital wallet is entitled to a bitcoin dividend.

“We will be the first city in the US to offer its residents Bitcoin revenue as a direct dividend,” Suarez said in a November interview.

Citycoins launched the MiamiCoin cryptocurrency in August, which helps fund city projects by generating profits.

MiamiCoin staking has earned the city over $ 21 million in returns. Its reserve wallet converts MiamiCoin deposits into USD based on instructions from city officials. Suarez says that if returns stay at these levels, it will be possible to meet the city’s tax needs in full.

“Why don’t you tax people less?”

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However, residents do not need to own MiamiCoins to qualify for the free BTC.

“We’re going to create digital wallets for our residents,” said Suarez. “And we’re going to give them Bitcoin straight from MiamiCoin profits.”

He said the ultimate goal is to get Bitcoin into the hands of more and more people.

According to local lawmakers, Suarez is one of the biggest Bitcoin supporters. Just last week, Suarez and New York City Mayor Eric Adams announced they were to be Be on the move accept her next paycheck in bitcoin. Her promise was quickly fulfilled by Jane Castor, Mayoress of Tampa Bay, Florida.

In February, Mayor Suarez announced plans to turn the city of Miami into a major crypto hub by passing “the most advanced crypto laws”. Fittingly, this year’s Bitcoin conference took place in Miami and drew the largest crowd in annual event history.

Related: Interaction with citizens and cryptocurrencies: Miami introduces its own digital currency

Following the Suarez announcement, the Miami Coin price jumped 18% to a daily high of $ 0.02369489, according to Coingecko.

Cointelegraph has contacted the mayor’s office for more information.

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