Francis Suarez, the mayor of Miami, and one of the biggest crypto supporters said that the city residents will receive a Bitcoin dividend in their MiamiCoin wallets.
Related: Miami to Issue its Cryptocurrency Miami Coin
In the interview with Coindesk, the mayor explained that returns will be in the form of yield received for the stake of MiamiCoin (MIA). Token holders will receive returns right into their wallets after registration and completing the phase of verification.
MIA is the first CityCoin, launched in early August. It's built on top of the Stacks blockchain, with the mission to raise revenue for the city developments. Along with this, holding MiamiCoin, users make a profit. As per the latest update, the Miami City Wallet balance stands at over $22 million.
Acquiring MIA is currently available only on the crypto exchange OKcoin. The coin trades at around $0.02 and ranks 7th by its trading volume on OkCoin. MIA's market cap is above $60.99 Million.
According to Francis Suarez, MIA may change the city's economy in the future, with the residents not having to pay taxes anymore. New York Mayor Eric Adams announced on November 9 NYCCoin mining will be activated soon.