The funds the mayor wants to distribute are the profits the city has received through MiamiCoin. That is, the city has invested part of its funds in cryptocurrency and has earned more than $ 21 million over the past three months. This is almost a fifth of what Miami earns from taxes in a year.
As Suarez noted, Miami is set to become the first city in the US to give away cryptocurrency income as dividends directly to its residents. Residents, however, can mine or buy cryptocurrency directly from the city.
This idea has its critics. They consider it risky to invest in such an unstable financial instrument.