Miami Skyline (Getty Images)
The City of Miami will soon give out a “bitcoin yield” from the staking of its cryptocurrency to its citizens, Miami Mayor Francis Suarez announced on CoinDesk TV Thursday morning.
“We’re going to be the first city in America to give a bitcoin yield as a dividend directly to its residents,” Suarez said.
The yield comes from the staking of the city’s own cryptocurrency, MiamiCoin, which was introduced early this year and has already earned over $21 million in the past three months for Miami. Suarez noted that if you were to annualize that revenue, it would equal roughly one-fifth of Miami’s total annual tax revenue of $400 million.
The city will make the payments through a digital wallet and will work with a variety of cryptocurrency exchanges to allow its residents to acquire a wallet, register and get verified, the mayor said.
“[Mayor Suarez] just turned his city into an oil-producing country that gives bitcoin yield to its citizens. That’s incredible,” Community Lead for CityCoins Patrick Stanley told CoinDesk TV. CityCoins is the organization that set up and runs MiamiCoin.
In the long run, Suarez said the approach could potentially eliminate the need for Miami residents to pay taxes, which would be “revolutionary.”
“I do see very quickly a world where the satoshi system is what is used to make payments,” Mayor Suarez said. “We need for people to understand that … yes, we want you to hold bitcoin but we also want to increase the utility of bitcoin.”
Read more: CityCoin’s Plan for NYCCoin Is Welcomed by Mayor-Elect Adams
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Helene Braun
Helene is a breaking news intern covering markets.
By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.
Business
Policy
Business
Markets
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
@2021 CoinDesk
Related Posts
Tesla Holding Bitcoin Worth $2 Billion — Sees Crypto as Both Investment and Liquid Alternative to Cash – Featured Bitcoin News
[ad_1] Elon Musk’s electric car company, Tesla, has filed an annual report with the U.S. Securities and Exchange…
Coinbase Blacklists Over 25,000 Crypto Addresses Tied to Russian Individuals and Entities – Regulation Bitcoin News
[ad_1] The cryptocurrency exchange Coinbase has addressed the company’s procedures toward complying with sanctions in a blog post…
Dvision Network to Launch the Third Land Sale on Shopify Utilizing Both Polygon Network and BNB Chain – Press release Bitcoin News
[ad_1] press release PRESS RELEASE. Dvision Network has announced the third LAND Sale to be conducted on both…