Miami’s Republican Mayor Reveals Plan He Says Will Create a City ‘Without Taxes’

Miami’s Republican Mayor Reveals Plan He Says Will Create a City ‘Without Taxes’

Few politicians can say that they have a genuine mandate. Republican is an exception.

Elected mayor of with 86% of the vote, Suarez announced an ambitious new plan on Wednesday to accelerate the city’s renaissance.

The plan is to give out a “ yield” as a dividend directly to Miamians.

As CoinDesk reports:

The yield comes from the staking of the city’s own cryptocurrency, MiamiCoin, which was introduced early this year and has already earned over $21 million in the past three months for Miami. Suarez noted that if you were to annualize that revenue, it would equal roughly one-fifth of Miami’s total annual tax revenue of $400 million.

The city will make the payments through a digital wallet and will work with a variety of cryptocurrency exchanges to allow its residents to acquire a wallet, register and get verified, the mayor said.

“[Mayor Suarez] just turned his city into an oil-producing country that gives bitcoin yield to its citizens. That’s incredible,” Community Lead for CityCoins Patrick Stanley told CoinDesk TV. CityCoins is the organization that set up and runs MiamiCoin.

In the long run, Suarez said the approach could potentially eliminate the need for Miami residents to pay , which would be “revolutionary.”

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