On the eve of the launch of the initiative, the authorities will conduct a separate distribution of the first cryptocurrency as a pilot program. “We’re going to be the first city in America to give a Bitcoin yield as a dividend directly to its residents,” Mayor said.
Thus, to participate in the program, Miami residents must install a wallet, register and pass verification. Several unnamed cryptocurrency exchanges provided assistance in the development of a technical solution.
The CityCoins project
The CityCoins project developed MiamiCoin and it aims to provide additional revenue to the budget. According to Suarez, in the long term, the city can go for a “revolutionary” tax waiver.
Also, users gain rewards for mining coins in native tokens of the STX (Stacks) project. CityCoins uses its own Stacks protocol based on the Bitcoin blockchain. 70% of the reward remains to the miner, and 30% is credited to the city wallet. Moreover, the authorities can access it at any time and convert assets into fiat.
Suarez stressed that the Satoshi system can very quickly become the main one for making payments in the world. Therefore, people need to understand this. He went on to say: “We want you to hold Bitcoin but we also want to increase the utility of Bitcoin”.
Since its launch in August, CityCoins has earned over $22 million in STX for Miami. According to Suarez’s calculations, in annual terms, this gives a figure of $80 million. Which is equivalent to a fifth of the city treasury.
Recall that previously, CityCoins announced the creation of the city token NYCCoin for New York. Programmable tokens focus to provide additional income to municipal budgets through their mining by residents.
Eric Adams, the newly elected mayor of the city, said that he intended to receive the first three salaries in BTC. He also suggested studying cryptocurrencies in schools, complaining about the low awareness of young voters in this area.