The Miami mayor has recently suggested that he plans to give some of the gains from crypto to residents of the region.
The bitcoin yield is coming from interest on staked MiamiCoin, and it has already earned millions.
That interest could be going to Miami residents, with those payments being distributed through digital wallets. This could be a great way to get more people in that region and elsewhere excited to take part in cryptocurrency.
The mayor has even suggested that eventually this payment arrangement could be used to pay the entire tax revenue for Miami and if that were possible that it could essentially be able to function without taxes.
The residents don't need to do anything, pay for anything, in order to take advantage and receive this payment once it becomes possible. And once it becomes finalized they will be the first ones to do it.
"It's a 10% yield and we're giving it to our residents in bitcoin,... And I know it sounds weird because no one has ever done it.. it has never happened before, where your government has gotten involved in an innovative technology that's actually giving something back to its residents.." - Mayor Francis Suarez
It isn't clear how much is going to be given out in payments to Miami residents just yet.
They still need to work out how they are going to determine who qualifies for a payment as well.
The next crypto capital of the world?
Miami is one of the regions that has been at the forefront of embracing cryptocurrency and politicians there have signaled their interest for this region to become a sort of crypto hub. With this recent announcement they look to be well on their way to making that a possibility in the near future. This is one payment arrangement that could benefit many in the region.