TL; DR Breakdown
- Mayor Suarez wants to give Miami residents free Bitcoin.
- Residents will not need to hold MiamiCoin to be eligible.
- The mayor wants more people to trade Bitcoin.
The adoption of digital assets has now gone through the roof, with most countries looking for ways to regulate them so their citizens can trade them securely. Although others are still wasting time regarding these regulations, some take the initiative and bring crypto to their citizens. Such is the case of the Mayor of Miami, Francis Suarez. In a new move to affirm his desire to make the state a crypto hub, the mayor has announced that residents of Miami would be hoping to earn Bitcoin dividends.
Residents no longer need to hold MiamiCoin to be eligible
In a statement from his interview with Coindesk TV, Suarez announced that they had named plans to embark on staking the state’s native currency and earn yields in Bitcoin. Asides from that, Suarez also positioned that all the Bitcoin gotten from staking MiamiCoin would go directly into the wallets of residents of the state.
Beforehand, only residents who held the states MiamiCoin were eligible to earn rewards from staking. The users could earn rewards in Stacks protocol native token, STX, or leading digital asset, Bitcoin. Notably, the MiamiCoin was built on the blockchain that houses the Stacks protocol. Regarding his announcement on Coindesk TV, all residents will be open to earning the Bitcoin rewards even if they do not hold the state’s native token.
Mayor Suarez wants more people to hold and trade Bitcoin
Launched in August, traders of the MiamiCoin were allowed to invest in different projects across the state using the token. The state adds every exchange made into its treasury, with the state now boasting about $21 million of the token.
Asides from Miami, New York, and Austin has embarked on a series of projects in that effect. CityCoins, also built on the Stacks blockchain, allows funding for projects. Suarez says the state will take advantage of the smart contracts that will enable staking on the Bitcoin network using Stacks to achieve his aim.
Mayor Suarez said the state is looking towards creating one digital wallet per person across the country where they will deposit each person’s Bitcoin at the time of yield. However, Suarez mentioned that he does not know how to choose the people who will get the wallets. Mayor Suarez pointed out that they have to choose from taxpayers, official citizens of the state, or voters.
Finally, he said that the city is hoping to work with crypto exchanges to help the eligible parties configure their wallets and ward off criminals. According to Mayor Suarez, the main aim of this program was to get more people into Bitcoin, even if they held MiamiCoin or not.