The mayor of Miami, Florida, has made a point of promoting the city’s own cryptocurrency. If people embrace the new digital asset, it has the potential to create millions of dollars for the city’s economy.
Miami Mayor Francis Suarez came on Fox Business to talk about the city’s cryptocurrency intentions, which were unveiled in June. The city’s token, dubbed “MiamiCoin” ($MIA), will be used to fund the city’s development as well as entice people to migrate to Miami, which has a population of 454,279 people.
Residents benefit from the value proposition because token holders and city administrations can receive crypto incentives while supporting the city.
The CityCoin platform serves as the foundation for MiamiCoin. Users will be able to mine MiamiCoin, as well as borrow, lend, and program it. A Bitcoin yield is also available to token holders.
According to CityCoin’s website,
“As towns begin to #pickupthebag and communities and software emerge around their respective CityCoins, the potential of CityCoins become limitless. Tokens will be used by CityCoins communities to construct apps for incentives, local benefits, access control (to digital or physical areas), trade, lending, smart contract execution, and more. Local businesses, for example, can offer discounts or other perks to customers who ‘Stack for their city’ by stacking their CityCoins.”
The first CityCoin is MiamiCoin.
Mayor Suarez claims that
“What the city gets out of it is that by nature of the system, a percentage of the coins mined are really donated to the city of Miami. As a result of the success of MiamiCoin, the city of Miami could wind up collecting millions of dollars, because Miami has now become the Bitcoin capital of the globe, as we’ve discussed many times on your show.
We’re concentrating on differentiating our economy by developing a new wave of technical items that will encourage individuals to relocate to Miami and join our digital ecosystem.”
Suarez goes on to say that MiamiCoin might help the city raise funding to tackle issues like homelessness and strengthen law enforcement.
“So whenever [MiamiCoin] is mined, a percentage of the coin goes to the city of Miami by virtue of the programming – it’s actually 30% of what’s mined. The miners will receive 70% of the money.
As a result, Miami will gain from the adoption of the MiamiCoin, as well as the branding that comes with it. That money will go straight into our general fund, which will be used to help people who are homeless.
We’re a large city attempting to eradicate homelessness entirely. We can focus on policing and strengthening our police force, which we have done, or we can focus on a variety of other things that our city does really well to improve our inhabitants’ quality of life.”
Francis Suarez has been a staunch supporter of blockchain and cryptocurrency adoption throughout the year of 2021. His launch of MiamiCoin comes just six months after announcing his grandiose aspirations to turn Miami into a crypto hub, including maybe adding Bitcoin to the city’s treasury.