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Miami mayor says residents will get cryptocurrency proceeds

November 11, 2021 GMT

MIAMI (AP) — Miami’s mayor says he plans to distribute the proceeds from the city’s cryptocurrency to residents.

Mayor Francis Suarez said Thursday during an interview with a cryptocurrency news site that he was planning to convert the millions of dollars in proceeds MiamiCoin has created into a Bitcoin “dividend.”

“We’re going to be the first city in America to give a Bitcoin yield as a dividend directly to its residents,” Suarez said in the inteview with Coindesk.com. “We’re going to create digital wallets for our residents, and we’re going to give them Bitcoin directly from the yield of MiamiCoin.”

Among the questions that still need to be answered, according to Suarez, are whether the dividends will go to taxpayers, residents, people who vote in the city or those who have Miami addresses.

Promotion of tech and cryptocurrency in Miami has boosted Suarez’s national profile for nearly a year, according to the Miami Herald.

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MiamiCoin debuted in August courtesy of CityCoins, a nonprofit and opensource protocol that allows people to hold and trade cryptocurrency representing a stake in a municipality. CityCoins’ users mint new tokens and earn a percentage of the cryptocurrency they create, and a percentage of that goes to Miami.