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Set up your Bitcoin wallet! Miami mayor announces cryptocurrency dividend for citizens – Refresh Miami

Today, Mayor Francis Suarez announced that the City of Miami will give its citizens so-called “Bitcoin Yield”.

The city will send dividend payments to Miamians derived from the city’s cryptocurrency, miamicoin. cryptocurrency has provided the city with more than $21 million since its inception earlier this year.

Reading: Miami bitcoin wallet

“We are going to be the first city in the United States to give a bitcoin yield as a dividend directly to its residents,” Suárez said in an interview with Coindesk TV.

The mayor said payments would be made through digital wallets and that his team plans to work with a handful of cryptocurrency exchanges to allow residents to get set up on a platform that fits their needs.

It is unclear how much bitcoin Miamians would earn from this initiative, or when exactly it will be implemented.

See also: Is Bitcoin Dead? Here Is What The Fundamentals Are Showing

According to the mayor, it is not ruled out that the dividend from miamicoin income could offset the taxes that locals pay to the city. That would be “revolutionary,” Suárez said.

patrick stanley, leader of the citycoins community, called it “incredible” that suárez “has just turned his city into an oil-producing country that gives bitcoin returns to its citizens.”

The idea of ​​citizens reaping the rewards of public goods is nothing new. Since the 1970s, Alaska has received annual dividends from its permanent fund. the state program aims to generate long-term wealth for citizens from the state’s vast, but not limitless, oil reserves. the permanent fund currently has $80 billion in assets. Last year, each Alaskan received a dividend payment of just $1,000.

From the forests of Finland to the deserts of Dubai, sovereign wealth funds work to make the most of public sector assets. The idea of ​​a sovereign wealth fund for the United States is not new, as can be seen in the detailed proposal of a group of experts.

Furthermore, in recent years, a small but growing subset of politicians, including 2020 presidential candidate Andrew Yang, have begun advocating for Universal Basic Income (UBI). In its simplest form, ubi is a government program where citizens receive a certain amount of money on a regular basis. one way to pay for a ubi program could be through a sovereign wealth fund.

what is special about mayor suárez’s proposal is that, according to refresh miami’s internal research, this is the first state dividend program based on a cryptocurrency.

See also: Bitcoin Miners Could Save the Texas Grid—or Sink It – Texas Monthly

However, not everyone is a fan of the proposal. In a tweet, economist and bitcoin skeptic Peter Schiff called the move “incredibly silly,” arguing that ultimately “all of this must be paid for by local taxpayers.”

This news comes against the backdrop of rapidly rising inflation, with the latest figures from the Labor Department’s Consumer Price Index coming in at 6.2%. certain assets have skyrocketed even higher: a 50% increase for gasoline, 26% for used cars and 20% for eggs. meanwhile, average hourly wages for US employees actually fell 1.2% compared to October 2020.

South Floridians are feeling the economic pain even more than most Americans. analysts estimate that the cost of renting an apartment in miami increased 20% between august 2020 and august 2021. the median listing price of a home in miami-dade county increased 12.5% ​​from september 2020 to September 2021.

In this context of rapidly rising prices, perhaps this bitcoin performance is more necessary than nice to have. As Mayor Suárez himself said: “Miamians, get ready!”

read more about updating miami:

  • miami voice’s citizen engagement tool can help the city allocate miamicoin revenue
  • have questions about crypto? defy trends is a miami-based startup that can help
  • faraway lands a $21 million series to create ‘next wave’ blockchain-based multiplayer games

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See also: What To Know About Cryptocurrency and Scams | Consumer Advice

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