- Miami’s cryptocurrency, MiamiCoin, will launch tomorrow.
- Cryptocurrency will essentially allow people to invest in Miami by buying the currency.
- The money raised will be used to fund projects and events in the city.
Miami will launch tomorrow its own cryptocurrency, MiamiCoin, which will be used to fund infrastructure projects or events in the city.
The idea is that people will support Miami by buying or mining MiamiCoin, and the funds will go to the city’s treasury.
MiamiCoin will be the first CityCoin launched. CityCoins is a project that allows people to invest in a city by buying Token. It works with local governments so that those who invest are rewarded in Bitcoin or Stacks, the native cryptocurrency of the eponymous protocol used to build things on the Bitcoin blockchain.
“MiamiCoin provides a continuous cryptocurrency revenue stream for the city, while generating STX and BTC performance for $MIA holders,” the CityCoins website reads.
City governments can embrace Bitcoin and crypto faster than nations.
Miami Mayor @FrancisSuarez is experimenting with crypto to give Miami a Bitcoin-yielding treasury.
A thread on cities and crypto👇
— muneeb.btc (@muneeb) August 2, 2021
“MiamiCoin can be mined or bought by people who want to support the Magic City and earn crypto performance through the Stacks protocol. MiamiCoin additionally benefits holders by allowing them to stack and gain performance through the Stacks protocol.”
Anyone can mine MiamiCoin (or other CityCoins, when they hit the market.) If the project takes off and becomes popular because of the number of people who own it, investors will be able to earn Bitcoin passively simply by owning the MiamiCoin. This is because MiamiCoin is built on top of Stacks, a cryptocurrency project that allows users to lock their Tokens and earn rewards to keep the system running.
And as more coins are mined, a portion is deposited in a wallet for the local government to use in whatever it wants—for example, in infrastructure.
Miami Mayor Francis Suarez said he wants to make Miami the hub for tech and cryptocurrency companies, and has even invited Chinese Bitcoin miners to the Florida city. The mayor called Miami the “Bitcoin capital of the world” after the city hosted a two-day conference on Bitcoin in June 2021.
And Suarez told Fox Business last week that “the city of Miami could end up making millions of dollars as a result of MiamiCoin’s popularity.”
“It’s like a Bitcoin and it’s in the blockchain protocol, so every time that currency is mined, a percentage of the currency under programming goes to the city of Miami,” he said.
But the MiamiCoin project is experimental and it is not known if it will actually generate revenue for the city.
CityCoins has said that MiamiCoin (or MIA) will be available on “certain trusted platforms” starting tomorrow. The exact platforms will be announced soon, according to the CityCoins website.Want to be a crypto expert? Get the best of Decrypt straight to your inbox.
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