MiamiCoin to Give Bitcoin Yield to Its Holders

Not a day after NYCCoins Offical mining started, Miami mayor Francis Suarez has announced, the current citizens staking the city’s coin will soon get a “bitcoin yield”.

“We’re going to be the first city in America to give a bitcoin yield as a dividend directly to its residents,” Suarez said Speaking with Coindesk Tv.

Miamicoin was introduced in August and has already earned the city over $21 million, roughly one-fifth of Miami’s total annual tax revenue. A great sign towards Suarez’s goal of Miami citizens never having to pay taxes, due to the success of the coin. It

The payment will be made through a number of different exchanges, enabling citizens who are currently staking access to a variety of wallets, to register, and get verified.

“I do see very quickly a world where the Satoshi system is what is used to make payments,” Mayor Suarez said. “We need for people to understand that … yes, we want you to hold bitcoin but we also want to increase the utility of bitcoin.”

City Coins is the company behind the creation of the coin and has launched NYC Coin earlier this week.

No mention has been made of what use these coins will give holders other than bitcoin yields, some speculate it could be similar to a CBDC or give access to the public transit systems, as well as other city exclusive experiences.