MiamiCoin To Fund a Rental Assistance Program – Francis Suarez

Francis Suarez, The mayor of Miami, received a $5.25 million transfer from the MiamiCoin wallet, and Cointelegraph questioned about the city’s plans for the funds.

Mayor Suarez mentioned Miami’s affordable “housing dilemma” as a result of growing rent rates that are out of line with the area’s median income.

He stated that the City of Miami has been working closely with the CityCoins team to fix this issue since the beginning of the year.

According to Suarez, after the recent crypto market fall, the City of Miami has $15 million in its allocated wallet, down from $24 million in mid-January. In early February, he added, the Treasury received $5.25 million.

“We’re using $5 million of those dollars to fund a rental assistance program for city residents who have experienced severe rent hikes.”

Mayor Suarez added that their “fiscally responsible” approach to using treasury funds aims to “make a substantive impact on the community” and to “grow the treasury for the long-term benefit of the citizens of Miami.”

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

This is a historic moment for our city to collaborate with an innovative project that creates resources for our city through innovation not taxation.

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

When asked about plans to give residents a Bitcoin dividend;

He said that the team is “actively working” on it and that the primary concern is to ensure that residents “have all the necessary tools to properly leverage that yield for further personal economic benefit.”

According to CityCoins’ standards, the formal process of allocating any funds from MiamiCoin necessitates a vote of the City Commissions.

As a result, residents who wish to express their thoughts or views must do so through public comment.

Mayor Suarez, on the other hand, acknowledged that the CityCoins team is working on governance DAOs that would allow MiamiCoin holders to actively participate and vote on proposed legislation.

The Stacks Protocol rewards holders of MiamiCoin, NYCCoin, and AustinCoin, which are presently the only CityCoins available to mine.