Miami Mayor Intends to Provide Digital Wallets For ‘Bitcoin Dividend’

To help the city achieve its goal of becoming a cryptocurrency capital, Mayor Francis Suarez announced Thursday that the city would create digital wallets for its residents, which would distribute a “bitcoin yield” as a dividend straight from the city’s cryptocurrency, MiamiCoin, as part of its plan to become a cryptocurrency capital.

Suarez stated in an interview with CoinDesk TV’s First Mover that Miami will provide a “bitcoin yield” from MiamiCoin as a dividend to its people, who will be provided with digital wallets by the city. Since its inception in August, the MiamiCoin token has generated more than $21 million in money for the city, which, if it continues at its current rate, would account for about one-fifth of the city’s yearly tax revenue, according to the mayor.

Suarez expressed optimism that his city would be able to operate “without taxes” at some time in the future, echoing his prior views on the outcome of the MiamiCoin ICO. Suarez announced earlier this month that he will accept his next payment “100 percent in Bitcoin” – his staff confirmed to Forbes on Thursday that the mayor is paid in dollars, which is “immediately converted into Bitcoin” through an application.

Suarez told Bloomberg Technology last month that paying government staff with Bitcoin was his top goal, and that he also wanted to allow Miami residents to pay their city fees in Bitcoin. According to Bloomberg, Florida’s legislation prevents local governments from holding volatile assets such as stocks and bonds.

MiamiCoin is operated by the non-profit organization CityCoins. The city, according to Suarez, stands to gain more than $60 million from the digital token in the next year. A landslide victory over his major opponent, Max Martinez, gave him more than 79 percent of the vote in his reelection bid, which was held last week.

Suarez’s offer to get paid in Bitcoin elicited a response from New York City Mayor-elect Eric Adams who stated that he too would accept his first three paychecks as mayor in Bitcoin. Adams’ team did not immediately react to a request for clarification from Forbes regarding whether or not receiving payment in Bitcoin was an option for the actor.