Miami’s citizens set to cash in. Mayor Suarez plans to pay out $21M of the city crypto wallet to the 442,000 locals.
In a Bloomberg interview, Mayor Suarez said, “It’s a major priority for the city to be able to pay government employees in Bitcoin.” The city of Miami has been accumulating its $21M crypto stash since August.
Amassing these funds has come about by a nonprofit called CityCoins. This group has opened a digital wallet & new MiamiCoin digital currency for all Miami citizens. People can mint new tokens using their computers, earning a percentage from the tokens they produce.
The city gets 30%, while the users earn 70%. One MiamiCoin goes for around $0.02. Since August, miners have created more than $21M MiamiCoin for the city. Now the city aims to cash in, with each of the 442,000 residents of Miami receiving 0.0007 BTC, roughly worth $47.
Mayor Suarez Is All In
The CityCoins project goes hand-in-hand with Mayor Suarez’s plan. He envisions low taxes for Miami creating a pro-enterprise environment for tech companies. The mayor has talked with mining firms about constructing mining operations near a power plant in Southern Florida.
In February 2021, Suarez approached city officials to invest Miami funds in Bitcoin. However, state laws do not allow city governments to hold volatile assets like Bitcoin.
Mayor Suarez has said that he is working with the Miami-Dade County Commissioner to allow citizens of Miami to pay taxes in bitcoin.
Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.