BTC dividends rather than taxes! – As of this summer, the CityCoins project began issuing MiamiCoin, of which 30% of the returns are paid directly into a wallet owned by the city of Miami in Florida. The sum of money gained since is so important, that the town hall plans to return it in part to its citizens.

Will MiamiCoin bring Bitcoin back to Miami residents?

The protocol around MiamiCoin, proposed by the teams of CityCoins, has already managed to generate more than $ 21.3 million on behalf of the city of Miami, and this in less than 3 months.

In interview given to CoinDesk TV, the mayor of Miami, Francis Suarez, explained that he counted to benefit its citizens of this financial windfall:

“We are going to be the very first American city to give returns on Bitcoin, in the form of dividends paid directly to its residents. “.

Indeed, to mine (create) MiamiCoin, protocol participants must bet STX tokens, the native blockchain crypto Stacksa second layer solution to the Bitcoin network.

Yes 70% of these STX go to the owners of MiamiCoin, 30 % end up directly in the pockets of the city, via its municipal wallet. However, the STX thus gained can also be staked, to gain BTC staking rewards this time.

” [Ces dividendes en bitcoins] will they be paid, for example to all taxpayers? Or will it be all the people who vote in the city? Or people who have an address in town? [Cette distribution] is going to be a challenge ”

Francis Suarez, Mayor of Miami

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A Miami mayor still crypto-enthusiastic

Because the goal of the maneuver for Francis Suarez is to publicize Bitcoin to more of his fellow citizens, and even to make them use / spend these BTC:

“I very quickly see a world where the system created by Satoshi [Nakamoto] will be used to make current payments, and we need to take that leap. (…) We need people to understand that Bitcoin is going up in value (…) we want you to hold bitcoins. But at the same time, we need to increase the utility of Bitcoin (…) We will create digital wallets for our residents (…) And we will give them bitcoins directly from the return from [du protocole] of MiamiCoin “.

If yields continue at this rate, the mayor even explains that they could end up fully cover tax needs of town, which looks pretty amazing! In the meantime, Francis Suarez considers it entirely possible to allow his constituents to pay their taxes in BTC.

When we see the rather unexpected success of MiamiCoin, we understand that other cities wish to follow this path paved with gold. Thus, the new elected mayor of New York, Eric Adams, has just congratulated the launch of NYCCoin, powered by the same team of CityCoins.

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