The mayor of Miami, Florida, is highlighting the city’s own cryptocurrency. The new digital asset is designed to generate millions of dollars for the city’s economy, if people accept it.
Miami Mayor Francis Suárez appeared on Fox Business to argue the city’s plans for its cryptocurrency, which was officially Announced in June. Nicknamed “MiamiCoin” ($ MIA), The city’s token will be used to fund Miami’s development, as well as to encourage people to move to Miami, which is currently home to approximately 454,279 residents.
The value proposition for residents is that token holders and city governments can earn crypto rewards while supporting the city.
MiamiCoin is based on the CityCoin platform. A user will be able to mine MiamiCoin, borrow it, lend it, and even schedule it. Token holders can also get a return on Bitcoin.
By the CityCoin website,
“The possibilities for CityCoins become endless as cities one by one begin to # pick up the bag and communities and software develop around their respective CityCoins. The CityCoins communities will create applications that use tokens for rewards, local benefits, access control (to digital or physical spaces), commerce, loans, execution of smart contracts and more. As a simple example, local businesses can offer discounts or benefits to people who prove they ‘stack for their city’ by stacking their CityCoins. “
MiamiCoin is the first CityCoin.
According to Mayor Suárez,
“What the city gets from it is a percentage of the mined coins that are actually donated to the city of Miami under its protocol. So 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, and we’ve talked about this many times on their show, the Bitcoin capital of the world.
We are focusing on differentiating our economy by creating the new wave of tech products that will incentivize people to move to Miami and be part of our tech ecosystem. “
Suarez adds that MiamiCoin could help raise funds for the city to combat issues like homelessness and strengthen law enforcement.
“So when [MiamiCoin] is extracted, a percentage of the currency, by virtue of the schedule, goes to the city of Miami; in reality, it is 30% of what is extracted. In reality, seventy percent will go to the miners.
So what happens is that Miami will benefit from the use of MiamiCoin and the brand associated with it. That will go directly into our general fund, so we can use it to continue to alleviate homelessness.
We are a great city that is trying to completely eliminate homelessness. We can obviously focus on policing and growing our police force, which is something we’ve done, and we can focus on a variety of other things that our city does very, very well to increase the quality of life for our residents. “
Throughout 2021, Francis Suarez has remained a strong supporter of blockchain and cryptocurrency adoption. Your MiamiCoin announcement comes just six months later exchange his ambitious plans to make Miami the center of crypto development, as well as potentially adding Bitcoin to the city’s treasury.
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