Every Miami resident with a digital wallet volition be eligible to receive a Bitcoin dividend, according to Mayor Francis Suarez.

"We're going to be the very start city in America to give Bitcoin yield as a dividend directly to its residents," Suarez said in an interview on Thursday.

Citycoins launched the MiamiCoin cryptocurrency in August, which helps fund municipal projects by generating yield.

Staking MiamiCoin has generated yields in excess of $21 million for the city. Its reserve wallet converts MiamiCoin deposits into USD based on commands from city officials. Suarez said that if yields continue at that rate, information technology's possible that they could entirely cover the city's tax needs.

"Why don't you only tax people less?"

All the same, residents will not have to own any MiamiCoin to be eligible for the gratuitous BTC.

"We're going to create digital wallets for our residents," said Suarez. "And we're going to requite them Bitcoin straight from the yield of MiamiCoin."

He said the ultimate aim was to get Bitcoin into the hands of more and more than people.

Every bit far as local lawmakers go, Suarez is 1 of Bitcoin's biggest proponents. But last week, Suarez and New York City Mayor Eric Adams announced they were going to be accepting their side by side paychecks in Bitcoin. Their pledge was speedily matched by Jane Castor, the mayor of Tampa Bay, Florida.

In February, Mayor Suarez appear plans to plough the City of Miami into a major cryptocurrency hub past enacting the "most progressive crypto laws." Fittingly, this year'southward Bitcoin conference was held in Miami, attracting the largest crowd in the almanac event'southward history.

Related: Civic engagement and crypto: Miami unveils its own digital coin

Following Suarez's announcement, MiamiCoin price jumped 18% to a daily loftier of $0.02369489 co-ordinate to Coingecko.

Cointelegraph has reached out to the mayor's office for more information.