• By The Financial District

U.S. Mayor Champions Crypto 'To Erase Income Inequality'

At the US Conference of Mayors' meeting in D.C. this week, there's buzz around the idea of giving cryptocurrency accounts to low-income people, Jennifer A. Kingson, Joann Muller, and Erica Pandey reported for Axios.

Photo Insert: Mayor Francis Suarez of Miami

Why it matters: Cities have been experimenting with newfangled ways to address income inequality — like guaranteed income programs — and the latest wave of trials could involve paying benefits or dividends in bitcoin, stablecoin, or other digital currencies.

Mayor Francis Suarez of Miami — a leading champion of crypto — has vowed that Miami will be "the first city in America to give a bitcoin yield as a dividend directly to its residents" through its MiamiCoin initiative, which started in 2021 as a way to raise revenue for the city.

As the new president of the US Conference of Mayors, Suarez has been proselytizing for crypto at this week's meeting — and tells Axios that he's been getting traction.

However, critics of the idea of paying people in crypto — including a proposal by Suarez to pay city workers in bitcoin — point to the volatility of these currencies, which are unregulated and historically unstable.

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