Miami has gotten exchanges including blockchain.com and eToro to relocate to the city as part of Suarez’s drive to create a crypto ecosystem and establish the city as a mining hub.
The US city of Miami, Florida, is planning to offer residents a Bitcoin dividend as a reward for staking the city’s nascent cryptocurrency, MiamiCoin. Miami Mayor Francis Suarez, a self-confessed crypto enthusiast, first made the announcement during an interview on CoinDesk TV in November.
Bitcoin yield payments will be made through a digital wallet, which can be transacted on several cryptocurrency exchanges after residents are registered and verified. MiamiCoin, based on the Stacks protocol, was first introduced early this year and has generated over $21 million in just three months. If annualized, Suarez said it would equal around one-fifth of Miami’s total annual tax revenue of $400 million.
Miami has gotten exchanges including blockchain.com and eToro to relocate to the city as part of Suarez’s drive to create a crypto ecosystem and establish the city as a mining hub. But analysts say defining what constitutes a Miami resident for know-your-customer screening may be challenging.
Last month, New York launched its own digital token, dubbed NYCCoin, which is also based on the Stacks protocol.
