Florida City announces crypto giveaway to all residents

[ad_1]

Miami and NYC are betting big on crypto. But should they? CityCoin

Miami Mayor Francis Suarez announced on Twitter that he plans to distribute cryptocurrency funds to residents of the city.

The funds are income that the city has made through MiamiCoin, a CityCoin. Put simply, the return came from the city which invested some of its funds in MiamiCoin, earning more than $ 21 million in the past three months, reports CoinDesk. It’s on track to earn about a fifth of what Miami earns from taxes in a year.

Was going to be the first city in America to give bitcoin yield as a dividend directly to its residents, Suarez told CoinDesk on Thursday.

Residents can also mine or buy the coin directly from the city, a simple way for cities to earn extra cash using blockchain technology.

But critics see it as an unnecessary drain of money and an investment in highly volatile assets that could end up leaving a big hole in the city’s budget.

Tax can

The mayor has high hopes for the play. Suarez argued that MiamiCoin could even possibly eliminate the need for residents to pay taxes.

You could theoretically at some point pay all of the city’s tax revenue and the city could be a tax-free city, which I think would be revolutionary, he told the outlet.

Residents will need to get a digital wallet to receive their payments from the city. The wallet is designed to work with several different crypto exchanges, but it’s up to residents to jump through those hoops.

CityCoin recently announced that it is also helping New York City Mayor Eric Adams toss a similar coin for the Big Apple, called NYCCoin.

In New York, we’re always going big, so I’ll be taking my first THREE Bitcoin paychecks when I’m mayor, the mayor-elect tweeted last week. NYC is going to be the center of the cryptocurrency industry and other fast growing innovative industries! Hold on!

New York residents weren’t exactly impressed with Adams’ actions.

This city doesn’t need to be the center of an industry of crooks, pyramid schemes and empty promises, Polygon video producer Simone de Rochefort replied on Twitter.

READ MORE: Miami will give MiamiCoin Bitcoin yield to its citizens [CoinDesk]

Learn More About Bitcoin: Bitcoin Crashes All-Time High, With JPMorgan Predicting $ 146,000

Would you like to support the adoption of clean energy? Find out how much money (and the planet!) You could save by switching to solar power at UnderstandingSolar.com. By registering through this link, Futurism.com may receive a small commission.

[ad_2]