Miami Launches MiamiCoin Cryptocurrency, Becoming First City with its Own Digital Money

Miami Launches MiamiCoin Cryptocurrency, Becoming First City with its Own Digital Money

Miami launched its cryptocurrency MiamiCoin and became the first city with its own digital money. As planned by the authorities, it will increase the city's revenues and expand the local economy, since 30% of all mined cryptocurrency will go to the local budget.

Miami Mayor Francis Suarez has long spoken out in support of cryptocurrency and even suggested examining salary payments in Bitcoin, but now he went even further and launched his own cryptocurrency in the city. Suarez stated that “the city of Miami could end up making millions of dollars as a result of the popularity of MiamiCoin, because obviously, Miami has now become the Bitcoin capital of the world.”

“And we are focusing on differentiating our economy by creating a new wave of technology products that will encourage people to move to Miami and be part of our technology ecosystem,” he continued.

MiamiCoin was launched on the basis of the CityCoin service, which allows city councils to create local cryptocurrencies to support local projects, infrastructure development, and more. As conceived by the authors, cities can earn money from mining cryptocurrencies, receiving up to 30% from each unit of local cryptocurrencies mined.

The goal of the project is to secure funding for city initiatives from interested citizens or those who need concrete improvements. At the same time, the authorities cannot accept cryptocurrency into the budget, and CityCoins will be automatically converted into dollars. This money can be used for roads, parks, and land improvement. MiamiCoin users are investing in the quality of the city's future; according to the terms of the contract, the money cannot be spent on anything else.

“The city of Miami can elect to use its growing crypto treasury to benefit the city and its constituents—think new public spaces, improvements to infrastructure, hosting city events, recruiting startups, and more,” said CityCoin.

Users can already start mining MiamiCoin and they will receive 70% of the reward for each decrypted block. Cryptocurrency can also be bought through the OkCoin platform. All CityCoin cryptocurrencies work on the open-source Bitcoin protocol, Stacks, and have support for smart contracts. All you have to do is download the Stacks wallet and purchase STX coins from exchanges.

Miami became the first city to introduce CityCoin. The service explained that Miami has long been the center of culture and innovation in the United States, and in the last year, the city has become a central platform for cryptocurrency startups and technologies. In addition to Miami, the United States has so far agreed to create a city cryptocurrency in San Francisco.

© 2021, Eva Fox. All rights reserved.


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About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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