Miami Greater Francis SuarezFrancis SuarezHillicon Valley - Presented by LookingGlass - Congress Makes Tech Policy Movements Miami mayor wants to pay city workers with bitcoin Miami mayoral candidate arrested, charged with impersonating a police officer PLUS (R) said it intends to deliver the proceeds of the city's cryptocurrency, MiamiCoin, directly to residents.
Those earnings, totaling roughly $ 21 million, are the result of Miami betting its cryptocurrency to win Bitcoin, according to crypto news site Coindesk.com, which conducted an interview with Suรกrez on Thursday.
"We are going to be the first city in the United States to give a Bitcoin yield as a dividend directly to its residents," Suarez told the site's hosts. "We are going to create digital wallets for our residents and we will give them Bitcoin directly from the performance of MiamiCoin."
MiamiCoin is the city's version of CityCoins, digital tokens that people can own and trade as a stake in their city government. according to The Associated Press.
More news on @CityofMiami being the first city in the world to give a Bitcoin dividend based on @MiamiCoinWallet Give in to continueโฆ Miamians get ready! @APompliano @Jacobo @Elon Musk @tyler @cameron @brian_armstrong https://t.co/WN5RW0d5Uc
- Mayor Francis Suarez (@FrancisSuarez) November 11, 2021
Suรกrez also said that the city will make payments through a digital wallet program through which residents will be able to obtain, register and verify their own wallets so that they can participate in cryptocurrency exchanges.
Saurez told Coindesk.com hosts that the new initiative could eliminate the need for Miami residents to pay taxes, which he said would be "revolutionary."
"I see very quickly a world where the satoshi system is what is used to make payments," said Suรกrez. "We need people to understand that ... yes, we want you to have bitcoin, but we also want to increase the utility of bitcoin."
According to the Miami Herald, Suรกrez's promotion of cryptocurrency over the past year has garnered him the attention of a national audience, even among local political scandals.
