These proceeds, totaling around $ 21 million, are the result of Miami staking its cryptocurrency in order to earn Bitcoin, according to cryptocurrency news site Coindesk.com, which conducted an interview with Suarez. Thursday.
“We’re going to be the first city in America to give Bitcoin a 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 are going to give them Bitcoin directly from the performance of MiamiCoin. “
MiamiCoin is the city’s version of CityCoins, digital tokens that people can hold and trade as a stake in their city’s government, selon l’Associated Press.
More news on @CityofMiami being the first city in the world to give out a Bitcoin dividend based on @MiamiCoinWallet give in to follow… The Miamiens are getting ready! @APompliano @jack @Elon Musk @tyler @Cameron @brian_armstrong https://t.co/WN5RW0d5Uc
– Mayor Francis Suarez (@FrancisSuarez) November 11, 2021
Suarez also said 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 they can participate in cryptocurrency exchanges.
Saurez told hosts at Coindesk.com that the new initiative could eliminate the need for Miami residents to pay taxes, which he said would be “revolutionary.”
“I very quickly see a world where the satoshi system is used to make payments,” Suarez said. “We need people to understand that… yes, we want you to hold bitcoin, but we also want to increase the usefulness of bitcoin. “
According to the Miami Herald, Suarez’s promotion of cryptocurrency over the past year has garnered him the attention of a national audience, even amid local political scandals.