Following the announcement that Miami Mayor Francis Suarez received $ 5.25 million from the MiamiCoin wallet, the Cointelegraph asked how the city would spend the money.

Mayor Suarez cited the “affordable housing crisis” Miami is facing, with rising rental rates that are not in line with the area’s median income. He revealed that the City of Miami has been working closely with the CityCoins team since the beginning of the year to address this issue.

According to Suarez, the city of Miami had $ 15 million in a special wallet after the recent crash in the cryptocurrency market, which in mid-January claimed to have $ 24 million. According to him, the Treasury received $ 5.25 million in early February.

“We are spending $ 5 million of that dollar to fund a rental assistance program for city dwellers facing sky-high rents.”
Mayor Suarez added that their “financially responsible” approach to the use of treasury funds aims to “make a significant impact on society” and “develop the treasury for the long-term benefit of the people of Miami.”

Asked about plans to return bitcoin to citizens, he said the team is “actively working” on this and that the main challenge is to provide citizens with “all the tools necessary to use this income properly for further personal financial benefit.” “.

According to CityCoin’s guidelines, the formal distribution process for all MiamiCoin funds requires a vote by city committees to determine the distribution. Therefore, if citizens want to express their opinions or suggestions, they must do so through public comment. However, Mayor Suarez confirmed that the CityCoins team is in the process of establishing DAO governors to allow MiamiCoin holders to actively participate and vote on proposed measures.

Related: CityCoins Navigation: Miami Citizens Earn Bitcoin Even If the City Does Not Have Cryptocurrency

MiamiCoin, NYCCoin and AustinCoin are currently the only CityCoins available to me, and their holders are rewarded through the Stacks protocol.

Source: CoinTelegraph