Miami residents could soon get free bitcoins thanks to the successful initiative of Mayor Francis Suarez and the Miami Mint. So read more on our latest crypto news.
Francis Suarez is one of the most pro-crypto-friendly politicians today and has announced that he is working on a program that will give free bitcoins to the people of Miami thanks to the good results achieved by the money project. Suarez stated in an interview that he is looking for a new way to distribute some of the Miami Mint’s revenue to the residents of Miami, and while some parameters have yet to be set, the idea is very advanced.
Miami Coin is a cryptocurrency designed to fuel the development of the city by developing a financial strategy for future projects.
The startup CityCoins is responsible for the technical part, while the city of Miami is responsible for the administrative and political part. Suarez claims to have raised around $ 21 million for selling coin tokens, and people are buying them and putting them to use because they deserve rewards. In the future, Coin holders may receive other benefits related to their investment. On the other hand, the city benefits because it is the only token provider. Suarez now wants to distribute part of the token’s profits not only to the owners of Miami Coin, but to a wider group by assigning a BTC wallet to everyone in town and spending some coins.
“We will create digital wallets for our residents and give them bitcoins directly from MiamiCoin profits.”
The mechanism for determining who will receive the BTC free gifts has yet to be established as there is no consensus on whether eligible citizens are voters, residents, taxpayers, or those who meet the criteria. The mayor is a strong crypto enthusiast and he is determined to make his city a global hub for the blockchain technology industry. He is an innovator in incorporating BTC reserves as part of the city’s conservatory, and also attends several events to promote the redevelopment of the crypto industry in the country. He’s even offering cheap power to miners of BTC and other PoW crypto assets while trying to capture part of the miners’ exodus that came in the wake of China’s move.
He claims to have bought both BTC and ether and claims to be getting his first salary in BTC. With further industry attention, we saw the FTX exchange buy the rights to the Miami Heats stadium and it is now called FTX Arena.