Francis Saurez is the serving Mayor of Miami with a flair for the tech revolution on his mind. Saurez has identified himself as a Bitcoin maximalist and cryptocurrency proponent as soon as February. Recently, he has told a media outlet, Bloomberg, that he is planning to distribute Bitcoin earning among the citizens of Miami city. Speaking to journalist Emily Chang, Saurez shared that the city’s digital wallet has collected $21 million worth of Bitcoin reserves thus far.
He also shared the plans for using this income with the media by claiming that each of the 442K registered citizens of the city are going to receive 0.0007 BTC worth $47 at the current market value. The digital wallet for the city has been set up by a non-profit organization called CityCoins. This organization has launched MiamiCoin that every citizen can access with a digital wallet.
The citizens can access the wallet set up by CityCoins and mint the MiamiCoin through their personal computer. The city keeps 30% while the user can claim 70% of the profit generated from this mining. The MiamiCoin is backed by a low-end token called Stacks. The professional miners can mint this token and send it to CityCoins.
The deposits that are made into the main digital wallet of Miami City are converted in green paperback. The political leadership of the city can withdraw this amount as needed, and anyone can access this wallet which poses a security threat. However, Mayor Saurez is conducting meetings with the City Commissioners to convince them for allowing BTC tax payment for Dada County residents of Miami City.
Crypto Becomes Popular in New York
CityCoins representative Patrick Stanley has recently told the media that their first choice was New York City and Austin for starting the new crypto project. Mayor Saurez also had a conversation with the Mayor of New York, Eric Adams and became aware of the CityCoin project. CityCoin has also launched a token for New York called the NYCCoin.
Stanley has told the media that the citizens of New York will also be able to generate revenue with the help of this new crypto project. On the other hand, Mayor Saurez has told the media that creating a digital wallet for the entire city use was a huge challenge. He plans to educate the people of his city about the uses and benefits of cryptocurrencies with this new idea.