Residents will get digital wallets for a ‘Bitcoin dividend’
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Top line
Miami Mayor Francis Suarez said on Thursday that the city would create digital wallets for its residents to distribute a “bitcoin yield” as a dividend directly from the city’s crypto, MiamiCoin, as part of its plan to become a capital of cryptocurrency.
Miami Mayor Francis Suarez speaks at the 2021 Bitcoin Cryptocurrency Convention in Miami, … [+]
AFP via Getty Images
Highlights
Chat with CoinDesk TV First mover, Suárez noted Miami would give a “bitcoin yield†from MiamiCoin as a dividend to its residents, who will get digital wallets from the city.
The MiamiCoin token has brought the city more than $ 21 million since its launch in August, which, at this rate, would generate about a fifth of the city’s annual tax revenue, he said.
Suarez expressed hope that “at some point” his city could operate “tax-free”, echoing his previous statements on the results of MiamiCoin.
Earlier this month, Suarez tweeted that he would take his next “100% Bitcoin” paycheck – his office said Forbes Thursday, the mayor is paid in dollars, which are “immediately converted to Bitcoin” via an app.
Paying government employees in Bitcoin was his top prioritySuarez told Bloomberg Technology last month, adding that he also wanted to allow Miami residents to pay their fees in Bitcoin.
Florida law prohibits local governments from holding volatile assets, according to Bloomberg.
Key context
The CityCoins non-profit organization manages MiamiCoin. Suarez believes the city could earn more than $ 60 million from the digital token next year. He earned his re-election won a landslide victory last week, beating his main opponent, Max Martinez, with over 79% of the vote.
Tangent
New York City Mayor-elect Eric Adams responded to Suarez’s pledge to be paid in Bitcoin, saying he would receive his first three paychecks as mayor in Bitcoin. Adams’ team did not immediately respond to Forbes‘request for clarification as to whether getting paid in Bitcoin was an option for him.
Further reading
Eric Adams, incoming mayor of New York: Pay me in Bitcoin (Forbes)
Miami mayor says he will take his next bitcoin paycheck (Bloomberg)