Miami Will Share Income From Its Cryptocurrency With Citizens


Cryptocurrency: In addition to creating its own cryptocurrency, MiamiCoin, the most Latin city in Florida, USA, intends to distribute the income generated by the appreciation of the cryptoactive as a kind of dividend for citizens. The pledge, made by Mayor Francis Suarez on CoinDesk TV on Thursday (11), calls for the allocation of 30% of municipal currency proceeds to Miami residents.

Created in August, MiamiCoin operates through the CityCoins protocol, which works on STX, a sidechain (a kind of parallel blockchain), and aims to create a kind of municipal treasure made up of cryptocurrencies for cities. Since its launch, the Emerald City coin has generated more than US$21 million (R$113 million) for the municipality. That’s one-fifth of the $400 million city tax, says the mayor.

While Suarez all the time refers to a “bitcoin yield,” the Miami cryptocurrency dividend has nothing to do with the world’s most valuable cryptoactive. MiamiCoin has its valuation based on receiving STX. Furthermore, the asset presents infinite possibilities for interaction with citizens. In the case of Miami, Suarez wants to run the city without its residents having to pay taxes.

How does MiamiCoin work?

In the CoinDesk interview, Suarez explained that “MiamiCoin is based on the stack protocol that builds up in the bitcoin blockchain.” In fact, Stacks is a separate blockchain, with its own mining and token system. receiving your promised dividends it is necessary to define exactly who will receive and how the portfolios will be configured.

Frightened by inflation above 6%, which he considers underreported, Miami Mayor Francis Suarez says “people are taking their money out of dollars and putting it into a currency, in a store of value, in which they feel confident” .