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George Spencer

December 1, 2021

Miami City Will Pay Out $21 Million Crypto To Its Citizens

Mayor Francis Suarez has shared his plans to make it rain for the citizens of his city, Miami, by disbursing $21 million in locally mined crypto to them all.

The mayor has also mentioned that it is a top priority for the city to be able to pay government employees in Bitcoin. The city has been amassing the $21 mil in its wallet since August and is finally ready to cash out. 

The accumulation of said funds is the result of a nonprofit org called CityCoins, which has opened a digital wallet and a new digital currency called MiamiCoin for all Miami citizens to have access to. Citizens can now mint new tokens using their PC and earn a percentage of the tokens they create. The city gets 30% of it while the creators get 70%. 

One MiamiCoin is worth $0.02 today, but miners have generated more than $21M for the city since August. Now the city is looking to cash out, and each of the 442,000 citizens of Miami will receive approximately 0.0007 BTC, which is about $41.

Suarez said that the creation of the digital wallets presents a technical challenge that he hopes to get help from cryptocurrency exchange mediums. Afterwards, he plans to create a digital registration system that will lower the chances of scams and of people moving into the city to just receive Bitcoin. The payout will now be made in Bitcoin.

Mayor Suarez wants to make the payment in Bitcoin so he can conscientize people and get them comfy with the idea of Bitcoin. This is a pretty big move and we hope to see nothing but goodness comes out of it.

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