Home Earn Bitcoin Miami residents to receive city cryptocurrency proceeds, mayor says | TheHill – The Hill

Miami residents to receive city cryptocurrency proceeds, mayor says | TheHill – The Hill

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Miami Mayor Francis SuarezFrancis SuarezHillicon Valley — Presented by LookingGlass — Congress makes technology policy moves Miami mayor wants to pay city workers with bitcoin Miami mayoral candidate arrested, accused of impersonating police officer MORE (R) stated he intends to provide proceeds from the town’s cryptocurrency, MiamiCoin, on to residents.

These proceeds, totaling roughly $21 million {dollars}, are a results of Miami staking its cryptocurrency with a purpose to earn Bitcoin, in line with the cryptocurrency information website Coindesk.com, which conducted an interview with Suarez on Thursday.

“We’re going to be the primary metropolis in America to provide a Bitcoin yield as a dividend on to its residents,” Suarez instructed the hosts of the positioning. “We’re going to create digital wallets for our residents, and we’re going to provide them Bitcoin instantly from the yield of MiamiCoin.”

MiamiCoin is the town’s model of CityCoins, digital tokens which folks can maintain and commerce as a stake of their metropolis’s authorities, according to The Associated Press.

Suarez additionally stated the town will make the funds by a digital pockets program by which residents will have the ability to get, register and confirm their very own wallets to allow them to take part in cryptocurrency exchanges.

Saurez instructed the Coindesk.com hosts that the brand new initiative might remove the necessity for Miami residents to pay taxes, which he stated can be “revolutionary.”

“I do see in a short time a world the place the satoshi system is what’s used to make funds,” Suarez stated. “We want for folks to know that … sure, we would like you to carry bitcoin however we additionally wish to enhance the utility of bitcoin.”

According to the Miami Herald, Suarez’s promotion of cryptocurrency during the last yr has gained him the eye of a nationwide viewers, even amongst native political scandal.

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