Miami is going one step further in embracing cryptocurrency. In fact, the city will soon be handing out free bitcoin (BTC) to all its residents. This was announced yesterday by Miami Mayor Francis Suarez in an interview with CoinDesk.
Miami launched the MiamiCoin last August, issued by CityCoins. This allows residents to invest in their city by mining and buying tokens. The proceeds go to the city which the local government can spend on, for example, improving infrastructure.
Investors are then rewarded in bitcoin or stacks (STX). The Stacks protocol is built on Bitcoin’s blockchain and supports smart contracts. Suarez reports that in the past 3 months, the MiamiCoin has already brought the city a whopping $21 million.
Now the mayor is going a step further and all Miami residents can receive dividends in bitcoin (BTC). These will be paid with MiamiCoin profits, but residents don’t even have to own MaimiCoin this time. The city will create a Bitcoin wallet for all its residents, reports Suarez.
“We’re going to create digital wallets for our residents. And we’re going to give them some Bitcoin directly from the proceeds of MiamiCoin.”
The goal is to bring more people into contact with crypto. Still, there are obstacles that need to be resolved first, Suarez admits. He does not yet know if, for example, all taxpayers with an address in Miami will be eligible or, for example, only residents who voted in the recent election. It is still unknown how much BTC Miami residents will receive.