Miami is planning to hand out dividends reaped from its staked MiamiCoin tokens to citizens.
The City’s Mayor Francis Suarez revealed this on Thursday morning in an interview with popular crypto news platform CoinDesk TV.
“We’re going to be the first city in America to give a bitcoin yield as a dividend directly to its residents,”Mr. Suarez said.
Bitcoin yield, as the Mayor called it, is the reward obtained from staking MiamiCoin, the City’s native digital currency. Since its inception at the beginning of the year, the token has risen to prominence, generating more than $21 million in the last three months.
The City will partner with different crypto exchanges to provide digital wallets to citizens, which will be used to distribute the dividends. In September, Francis Suarez implied that proceeds from MiamiCoin may replace citizens’ tax.
Suarez says he envisions a scenario where the “Satoshi system” is accepted as legal tender.