Miami To Create “Bitcoin Yield” Program For City Residents

Miami is becoming a major hub for crypto and blockchain because of the city’s mayor, Francis Suarez. Suarez has been pushing a strong crypto agenda in the city, and it now looks like Miami’s residents will benefit from this.

In an interview with CoinDesk TV, Suarez stated that the city was working on an initiative to award free Bitcoin to Miami residents because of the success of the MiamiCoin project.

Miami residents to get more crypto exposure

With this latest development, it now seems like the residents of Miami will be getting more exposure to crypto. Suarez has stated that he is working on a model that will allow the distribution of MiamiCoin yields to Miami residents.

Suarez has yet to give an elaborate plan on how this distribution will work. However, he has noted that MiamiCoin’s profits have grown to around $21 million so far. This is estimated to be one-fifth of the revenues collected from the city.

In a hypothetical analysis, Suarez states that if the annual gains from this coin were to increase five-fold from now, the city residents would not be required to pay city taxes because gains from the coin would be enough to sustain the city.

Suarez notes that the idea behind this project had already been advanced. However, he notes that some parameters need to be defined before it can roll out officially.

MiamiCoin is a project that Suarez launched in August. It was the first city-based token, and it was created with the help of CityCoins, a civic-minded open-source protocol. People purchase these coins and stake them to generate rewards. Those who hold the coin could also enjoy various benefits based on their investment.

Miami city benefits from this coin because currently, it is the only body that issues the token. Suarez has stated that the yield program will benefit holders of this coin and all Miami residents in general. Therefore, the city plans to create a Bitcoin wallet for everyone in the city and award coins as a form of passive income.

“We’re going to create digital wallets for our residents, and we’re going to give them Bitcoin directly from the yield of MiamiCoin.”

Suarez and Bitcoin

Suarez is one of the top Bitcoin advocates in the US. The mayor was recently elected for his second term in office, and he promised that he would receive his next paycheck in Bitcoin. This move has caused a ripple effect in different cities, with other mayors, including that of New York, stating that they would also accept payments in Bitcoin.

Suarez has also in the past issued a proposal to store the city’s reserves in Bitcoin. However, this is yet to happen. He has also contributed to crypto and blockchain events in Miami, such as the Miami Bitcoin Conference that happened earlier this year.

Suarez’s plans to make Miami a crypto hub are also being copied by other cities. New York’s mayor-elect, Eric Adams, also stated that he would receive his first three paychecks in Bitcoin. He has also proposed that crypto and blockchain studies be added to the school curriculum.

Like in Miami, New York is also launching a city coin dubbed NYCCoin. The coin will be issued by CityCoins, who also helped create MiamiCoin.

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