The city of Miami is finding innovative ways to boost its revenue intake and raise funding for local projects, and one of these ways is by embracing the use of cryptocurrency.
Miami Mayor Francis Suarez had already started encouraging Bitcoin miners from China and other countries to move their operations to Miami, in order to avoid regulations. China’s recent crackdown on cryptos has forced mining operations out of the country, and many mining firms are looking for a new haven. Suarez added that the city could differentiate its economy by fully embracing this technology and that the money generated from these projects could also be used to help combat homelessness and fund the police force.
But now the city is taking it a step further by partnering with CityCoins in developing a new cryptocurrency designed specifically for Miami, and city officials believe this will generate millions of dollars in revenue.
Miami is said to become the next crypto mecca, but according to Suarez, “The City of Miami could end up earning millions of dollars as a result of the popularity of MiamiCoin, because obviously, Miami has now become the Bitcoin capital of the world.”
What is CityCoins?
CityCoins is a company that can be contracted by local governments to create a version of their own digital coin and to help build a treasury of cryptocurrency that can be used to fund local projects in cities around the world.
Cities like Miami can use incentives to local businesses and residents for using the city’s crypto coin instead of cash. Any CityCoin can be mined, held, stacked to earn STX tokens and Bitcoin , and is fully programmable. Built on open-source software, CityCoins are a new way for developers to create applications and experiment with innovative uses.
Miami Mayor Francis Suarez speaking at the White House in February
Each respective city will have a special wallet dedicated to them and the proceeds can be claimed at any time. It is funded by the CityCoins protocol, which automatically forwards 30% of the STX transferred by miners directly to the wallet.
City wallets can be used for whatever purpose the city deems fit. As CityCoins are mined, the city’s treasuries will continuously accumulate STX. Before cities can use the funds within, each city’s mayor must claim their custody wallet.
According to the CityCoins website, the MiamiCoin will be the first of its kind, and 30% of all revenue generated through this new crypto will go toward Miami’s general fund.
What’s in store for Miami?
This new source of income should ultimately create a continuous stream of revenue that can be used for local investments and funding for new startups, hosting international events such as the Bitcoin 2021 conference hosted by Miami this year, as well as improving the city’s infrastructure.
The new MiamiCoin will be available for mining from today, August 3, 2021, and this exciting new venture will see all eyes on this progressive city. Thanks to Miami’s Mayor, the city should see an influx of crypto-related services and companies looking to set up operations in the new crypto capital of the world. Go Miami!
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