Pro crypto mayor of Miami, Francis Suarez, announced that he was working on a program to give free Bitcoin to the residents of his city thanks to the good results achieved by his city’s crypto project Miami Coin. In an interview for CoinDest TV, the mayor explained that he was looking for a way to distribute part of Miami Coin’s yield to the people of Miami.
Miami Coin project paves the way for bitcoin exposure.
Miami Coin sought to boost the city’s development by financing strategic projects. The technical part is the responsibility of the startup CityCoins. At the same time, the administrative and political aspects are directly managed by the city of Miami. So far, Suarez claims to have raised about $21 million from the sale of Miami Coin tokens. People basically buy tokens and stake them, earning rewards in return. In the future, Miami Coin holders could receive certain benefits associated with their investment. On the other hand, the city profits as it is the sole provider of the token.
Miami’s mayor wants to give away bitcoin to its residents.
Francis Suarez wants to distribute part of the Miami Coin’s returns not only to Miami Coin holders but to a broader group, assigning a Bitcoin wallet to everyone in Miami and granting some coins as passive income. He said, “We’re going to create digital wallets for our residents, and we’re going to give them Bitcoin directly from the yield of MiamiCoin.” For now, the mechanism to determine who will receive the gift is being decided as there is no agreement on whether “Miami people” are voters, taxpayers, residents, or those who meet some other criteria. Suarez has been a vocal supporter of bitcoin and cryptocurrencies for a long time.