Miami Will Be World’s First City To Give Out Cryptocurrency Funds To Residents
Image ID 111116684 © via Marc Bruxelle | Dreamstime.com
In a world-first, Miami Mayor Francis Suarez has announced that the city will be giving residents a percentage of the city’s cryptocurrency funds, of which its MiamiCoin initiative has generated over US$20 million.
The city has been at the forefront of the cryptocurrency charge, with Lynwood having hosted the world’s largest cryptocurrency conference in the summer.
“The yield will be approximately somewhere in the vicinity of a million dollars or more and we are going to distribute that to Miami residents,” said Suarez.
According to CBS Miami, the city is working on a way for get the cryptocurrency to residents and help them find a way to store the digital assets. This most likely will include a citywide digital wallet where yields can be deposited.
“We’re going to have a digital wallet mechanism where we can drop the money into their digital wallet,” Suarez explained.
“Our residents don’t have to do anything; they don’t have to pay for anything; there’s no risk—they’re just going to get money and I know it sounds weird because no one’s ever done it.”
More news on @CityofMiami being the first city in the world to give a Bitcoin dividend based on @MiamiCoinWallet yield to follow…Miamians get ready! @APompliano @jack @elonmusk @tyler @cameron @brian_armstrong https://t.co/WN5RW0d5Uc
— Mayor Francis Suarez (@FrancisSuarez) November 11, 2021
[via CBS Miami, cover image via Marc Bruxelle | Dreamstime.com]
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