Miami mayor Francis Suarez has unveiled plans to make Miami the first city to give Bitcoin (BTC) dividends to its residents.
Speaking to CoinDeskTV, Suarez revealed plans for a dedicated MiamiCoin, which will generate additional BTC for its owners.
This will work by “staking” MiamiCoin, or locking up the cryptocurrency, in order to earn yield, which is then paid back as dividends to citizens or used for the city’s budget.
However, Suarez is looking to expand the breadth of MiamiCoin. Previously, only owners of the MiamiCoin were eligible for BTC dividends, but this is now going to change with Suarez willing to pay all citizens.
Suarez is continuing his mission to turn Miami into a crypto hub for the US, in common with his counterpart in New York.
New York’s mayor Eric Adams has asked to receive his first paychecks in BTC and said that the city will seek to issue its own proprietary coin.
People will be able to use MiamiCoin to invest in different projects and infrastructure for the city, with the funds that are received for the crypto then being added to the city’s treasury.
According to Suarez, MiamiCoin has generated $21m since it was introduced in August, 2021, a relatively short period to achieve a relatively strong result.
Suarez promised that the city is looking to create digital wallets for residents and would then proceed to hand out BTC, and those wallets, as dividends for the MiamiCoin ownership, and to ordinary citizens who aren’t owners.
However, interest in the coin and wallet has been going up and determining who gets the wallets is going to be hard at first.
Suarez acknowledged that the city would need qualified help, such as from exchanges, to ensure that people are educated and that fraudsters are kept at bay.