MiamiCoin disbursement to fund a rental assistance program, says Mayor Suarez

Upon the announcement that Francis Suarez, mayor of town of Miami, took a $5.25 million disbursement from the MiamiCoin pockets, Cointelegraph inquired about how town will use these funds.

I’m so excited to announce that the @CityofMiami has acquired its first-ever disbursement from @mineCityCoins totaling $5.25M.

It is a historic second for our metropolis to collaborate with an modern venture that creates sources for our metropolis by way of innovation not taxation.

— Mayor Francis Suarez (@FrancisSuarez) February 2, 2022

Mayor Suarez pointed to the reasonably priced “housing disaster” that Miami is facing in gentle of rising lease costs that do not align with the realm’s median earnings. He revealed that town of Miami has been working intently with the CityCoins staff for the reason that starting of the yr to deal with this subject.

In line with Suarez, town of Miami had $15 million in its designated pockets after the most recent crypto market crash, which in mid-January claimed to have $24 million. He mentioned that the treasury acquired $5.25 million in early February.

“We’re utilizing $5 million of these {dollars} to fund a rental help program for metropolis residents who’ve skilled extreme lease hikes.”

Mayor Suarez added that their “fiscally accountable” method to utilizing treasury funds goals to “make a substantive affect on the neighborhood” and to “develop the treasury for the long-term good thing about the residents of Miami.”

When requested about plans to give residents a Bitcoin dividend, he mentioned that the staff is “actively working” on it and that the first concern is to make sure that residents “have all the required instruments to correctly leverage that yield for additional private financial profit.”

As per CityCoins pointers, the formal strategy of allocating any funds from MiamiCoin requires that town commissions’ vote to determine its allocation. Thus, if residents need to voice their opinions or ideas, they have to achieve this through public remark. Nevertheless, Mayor Suarez confirmed that the CityCoins staff is within the course of of making governance DAOs to permit MiamiCoin holders to actively take part and vote on recommended measures.

Associated: Navigating CityCoins: Miami citizens to earn Bitcoin despite the city not holding crypto

MiamiCoin, NYCCoin and AustinCoin are at present the one CityCoins obtainable to mine, and their holders are rewarded through the Stacks Protocol.