Miami mayor will allow city residents to earn bitcoins
“We’re going to be the first city in America to provide its residents with bitcoin income as a dividend.”
? The yield comes from the steaming of the city’s own cryptocurrency, MiamiCoin, which was created earlier this year and has generated more than $21 million in revenue for Miami in the past three months.
? Suarez said that if you take those revenues out on an annualized basis, they would amount to about one-fifth of Miami’s total annual tax revenue of $400 million.
? According to the mayor, the payment will be made through a digital wallet, and the city will work with various cryptocurrency exchanges.
Suarez promised that this approach would eliminate the need for Miami residents to pay taxes, which is revolutionary.