The City of Miami Will Soon Give Bitcoins (BTC) to Its Residents

Author & Guarantor: Elena Yefimenko

It looks like New York and Miami will be scrambling to find out which of the two cities will be more crypto-friendly. After the recent announcements of Eric Adams, new mayor of New York, it is the turn of Francis Suarez, the city councilor of Miami, to give pride of place to Bitcoin (BTC). He has just announced the inhabitants of the city would receive bitcoins, which will in fact be the interests resulting from the staking of MiamiCoin.

City of Miami to Distribute Bitcoin (BTC) to Residents

It was already known that Francis Suarez, the mayor of Miami, wanted to encourage the use of cryptocurrencies in his city. In particular, he decided that his salary for the month of November 2021 be paid in BTC and that MiamiCoin, the native token of the city of Florida, was launched last summer.

It is precisely thanks to the latter that Francis Suarez made a new pro-Bitcoin decision. Indeed, the city councilor has announced that MiamiCoin will soon be able to generate interest in BTC. These will then be distributed as dividends to Miamians with a portfolio of digital assets.

This is the first time that a city in the United States has allowed its residents to enjoy dividends in cryptocurrency, even though they did not originally own one. Indeed, until now, it was not possible to generate interest without owning cryptoassets yourself.

Miami Gives Credit to the CityCoins Project

Released on August 3, MiamiCoin allows Miami residents to invest in various projects and city infrastructure, as Crypto-Auditor informed you. The funds raised by the sale of tokens on the exchange platforms are integrated into the city’s budget.

According to Francis Suarez, MiamiCoin has generated no less than $ 21 million since its launch. This project of native tokens associated with a city is called CityCoins. Carried out on Stacks, a protocol allowing the execution of smart contracts on the Bitcoin network, CityCoins provides technical support in the realization of tokens.

It is these smart contracts that will allow MiamiCoins to be staked so that they can generate interest in BTC.

So far, the CityCoins project has won over three American cities: Miami, Austin and especially New York. Indeed, Eric Adams, the new mayor of the city, has just announced that the Big Apple will also put its digital token into circulation.

The CityCoins project is therefore well underway and other cities could be attracted if the experiments in Miami and New York are deemed successful. Of course, it’s a safe bet that the next candidates should be American or Asian cities.

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