Miami Mayor Francis Suarez once again raised the bar on which U.S. cities will become the country’s crypto hubs in its decision to give out free bitcoins to residents.
Early this morning, Suarez made an announcement on CoinDesk TV that the city will be putting a large portion of its native cryptocurrency MiamiCoin into Bitcoin for profit. Interestingly, he also said that Miami will offer its residents free bitcoin production, making it the first American city to do so.
Previously, only MiamiCoin holders had the privilege of getting any cryptocurrency back (or STX – the native cryptocurrency for the Stacks protocol on which MiamiCoin is built, or Bitcoin. Today residents can now earn free BTC whether or not they own MiamiCoin or not.
According to Suarez, MiamiCoin has generated no less than $ 21 million in revenue for Miami since its launch on August 3, 2021. This coin offers residents a unique opportunity to invest in various projects and infrastructures for the city. While all funds received in exchange for cryptocurrency always go to the city’s treasury, the city is now ready to return free bitcoins to its residents directly from the profits. .
Meanwhile, other US cities such as New York City and Austin are following in Miami’s footsteps with similar projects. New York City Mayor-elect Eric Adams announced two days ago that the city would also get its own coin.
CityCoins is a cryptocurrency project that technically supports these projects. CityCoins is built on stacks, another protocol that enables the creation of smart contracts in the Bitcoin network.
During the announcement, Mayor Suarez expressed his reservations about the challenges this project poses. He explained that figuring out who got the digital wallet could be problematic at first, as he wasn’t sure if it was just the people in town or the taxpayers and citizens with the right address. These are, of course, legitimate concerns when scammers who only want to move to Miami to earn free bitcoins are barred from pursuing them.
It is currently unknown which exchanges are running to service the project, but according to Suarez, the ultimate goal of the project is to get Bitcoin into the hands of more and more people, even if he hopes to increase the usefulness of Bitcoin.
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