Miami authorities promised to distribute income received from the cryptocurrency project Miamicoin, among residents of the city. They believe that the “revolutionary” system will ultimately replace the traditional taxation, writes CoinDesk.
Mayor Miami Francis Suarez said that every citizen who had established a digital wallet would have the right to receive dividends in Bitcoins. He added that the Americans do not have to own Miamicoin to be eligible for dividends.
Miamicoin, who launched in August, has already replenished the city budget for 21 million dollars. According to Suarez, if the cryptocurrency continues to bring income at that speed, it is quite possible that these arrivals will be able to fully cover the tax needs of the city. Thanks to this, residents can free from paying taxes.
Miamicoin’s money collected by the funding of infrastructure projects and events in the city. Suarez wants to make the city the center of development of technology and cryptostartaps. In November, it became known that New York will launch his cryptocurrency.