The Mayor of Miami, Francis Suarez, announced on Thursday that the city will give its citizens ‘bitcoin yield’ from staking the MiamiCoin. That is the official crypto coin of the city of Miami, making it the first city in the history of the US to create its own cryptocurrency.
Moreover, the city of Miami will pay the dividend from staking crypto via a digital wallet. This wallet will be compatible with a list of crypto exchanges. As such it will provide the citizens with a list of options to choose from.
The MiamiCoin ‘bitcoin yield’ is a direct result of the city of Miami staking its own cryptocurrency. Introduced a few months back in June, it seems like the project is already rather successful. That is since Miami already ‘landed’ a whopping $21m in just three short months of staking.
According to Mayor Francis Suarez, the annual revenue from staking their crypto coin equals one-fifth of the city’s total $400m revenue. And the Mayor is adamant that the citizens will get their share:
What makes the citizens of Miami even happier, is the potential that Mayor Suarez sees in this project. In fact, this may even result in changing the entire concept of paying taxes, altogether.
It is no secret whatsoever that this project is rather popular among the crypto community in Miami. The most interesting part is that there are already several cities in the USA that are pondering creating their own crypto coin. And the most serious candidate is the city of New York.
Up north, the mayor-elect of New York already reveals his plans of incorporating bitcoin into school curricula. He even said in an interview with Bloomberg Radio, that the city of New York is very close to following in Miami’s footsteps. And that pretty soon New York may get its own digital asset.
Whatever the outcome, it is clear that Miami leads the crypto-revolution in the US. Just like the government of El Salvador, where they are also just starting to reap the fruits from incorporating, i.e. investing in crypto.
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