The announcement of the mayor of Miami, Francis Suarez, give rewards bitcoin all citizens following gains in their own cryptocurrency , the MiamiCoin.
The mayor of Miami has announced that he will deliver bitcoin earnings to all residents of the city.
Francis Suárez told CoinDesk that it will make Miami the first city in the United States to “give a bitcoin yield as a dividend directly to its residents.”
The performance comes from the participation of own cryptocurrency city, MiamiCoin, which was introduced earlier this year and has already won more than 21 million in the last three months for Miami.
Suarez noted that if he annualized that revenue, it would equal roughly one-fifth of Miami’s total annual tax revenue of $ 400 million.
The city will make 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, similar to El Salvador .
The end: reduce taxes
In the long term, Suarez said the approach could potentially eliminate the need for Miami residents to pay taxes, which would be “revolutionary.”
“I see very quickly a world where the satoshi system is what you use to make payments,” said Mayor Suárez. “We need people to understand that … yes, we want you to have bitcoin, but we also want to increase the utility of bitcoin.”
The city administration has already presented a proposal to allow the payment of public workers in bitcoins , one of the cryptocurrencies with the highest transactional value in the market.