The city of Miami will soon give bitcoins (BTC) to its residents

City of Miami to distribute Bitcoin (BTC) to residents

We already knew 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 announced that MiamiCoin would soon be able to generate interest in BTC. These will then be distributed as dividends to MiamΓ©ens 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 crypto-assets yourself.

πŸ‘‰ To go further – Miami: the new El Dorado for Bitcoin (BTC) and cryptocurrencies?

Miami gives credit to the CityCoins project

Put into circulation on August 3, MiamiCoin allows the inhabitants of Miami to invest in various projects and the infrastructures of the city. The funds collected by the sale of tokens on the exchange platforms are integrated into the city 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 placed in staking so that they can generate interest in BTC.

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

The CityCoins project is therefore well underway and other cities could be seduced 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.

πŸ‘‰ To read – Miami real estate complex accepts Bitcoin (BTC) and Ether (ETH)

MiamiCoin will help generate bitcoins (BTC)

Regarding the people eligible for the payment of these dividends, the mayor of Miami has not yet decided. These could include individuals paying their local taxes in Miami, those with an address in the city, or citizens registered on the electoral roll.

This determination is important because, in the end, it is about receiving a little BTC for free. And that’s, basically, the whole objective of Francis Suarez’s project. Indeed, the ultimate goal is to allow everyone to have bitcoins in their hands.

According to the city councilor, the growth of Bitcoin is far from over and he considers it necessary that a large majority of the population has it. It would also make BTC more useful. It’s a safe bet that such an idea will be difficult to observe in a mayor of a European city.

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About the author: Benjamin Allouch

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Formerly a lawyer specializing in personal data and digital law, I quickly became interested in Bitcoin, blockchain technology and their legal implications. I am now an independent consultant and writer in the field of cryptocurrencies and blockchain.
All articles by Benjamin Allouch.

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